Budget proposed C-PACE for accelerated corporate exit process

New Delhi, Feb 1 (IANS) The Centre plans to implement an accelerated corporate exit process in fiscal 2022-23.A Centre for Processing Accelerated Corporate Exit (C-PACE) has been proposed to be established, Finance Minister Nirmala Sitharaman said in her Budget 2022-23 speech.The C-PACE with process re-engineering will speed up the voluntary winding-up of these companies from the currently required two years to less than 6 months.In her Budget speech to Parliament on Tuesday, Sitharaman said: "Several IT-based systems have been established for accelerated registration of new companies."Now the Centre for Processing Accelerated Corporate Exit (C-PACE) with process re-engineering, will be established to facilitate and speed up the voluntary winding-up of these companies from the currently required 2 years to less than 6 months."Besides, she said that necessary amendments in the IBC Code will be carried out to enhance the efficacy of the resolution process and facilitate cross-border insolvency resolution.
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