• The Centre for Processing Accelerated Corporate Exit (C-PACE) has been launched to facilitate and speed up voluntary winding-up of companies. 

• C-PACE was established in March 2023. 

• It is situated in Indian Institute of Corporate Affairs, Gurgaon.

• The setting up of the C-PACE is part of the several measures taken by the Ministry of Corporate Affairs in the recent past towards Ease of Doing Business and ease of exit for the Companies.

• The C-PACE was established to centralise and speed up the voluntary strike off process of companies of the Companies Act, 2013.

• Subsequently, the Ministry of Corporate Affairs has centralised the striking off of Limited  Liability Partnerships (LLPs) as well by empowering the C-PACE for processing of e-Forms related to striking off of LLPs of the Limited Liability Partnership Act, 2008 under Rule 37 of the Limited Liability  Partnership Rules, 2009.

• Since its inception 13,560 companies have been struck off through C-PACE in the financial year 2023-24 and 11,855 companies in the current financial year 2024-25 up to November 15, 2024. 

• The average time taken for processing such applications has come down to between 70-90 days. 

• As far as LLPs are concerned, 3,264 LLPs have been struck off as on November 15, 2024. 

• After centralisation of the voluntary strike off process of companies under C-PACE, procedures have been standardised leading to reduction in processing time as well as transparency in the system. 

• The working of C-PACE is monitored on a regular basis by the Ministry.

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