Sohan intends to form a new company and wishes to know the concept of the C-PACE under the provisions of the Companies Act, 2013. Explain him what is the legal authority under which the C-PACE has been established? Where

Sohan will be explained that- The legal authority for the establishment of the Centre for Processing Accelerated Corporate Exit (C-PACE) is Central Government. Section 396 of the Companies Act, 2013. Empowers the Central Government to establish offices for the registration of companies. Location: C-PACE is located at the Indian Institute of Corporate Affairs (IICA), Manesar, Gurugram (Haryana). Commencement: The establishment of C-PACE was notified via MCA Notification No. S.O. 1269(E) dated 17th March 2023. However, it became operational with effect from 1st April 2023. Expected benefits: The establishment of C-PACE is a key reform under the "Ease of Doing Business" initiative. Its main objective is to streamline and expedite the process of voluntarily striking off a company's name from the register. The expected benefits include: Accelerated Process: The centralized processing significantly reduces the time taken for a company's voluntary strike-off. Previously, this process could take over two years, but with C-PACE, the average time has been reduced to less than two months. Uniformity and Consistency: By centralizing the process, C-PACE ensures a uniform and consistent approach across the country, removing the variations that existed when applications were processed by various jurisdictional Registrars of Companies (ROCs). Hassle-Free Filing: The new process provides a simplified and hassle-free experience for stakeholders, with all communications (queries, approvals, or rejections) conducted through the central MCA portal, providing real-time updates. Reduced Burden on the Registry: C-PACE helps to reduce the workload on the ROCs, allowing them to focus on other core functions like inquiries, inspections, and investigations. Cleaner Registry: By speeding up the removal of defunct companies from the official register, C-PACE helps in keeping the corporate registry clean and updated, which provides more reliable and meaningful data to the public and stakeholders.