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The corporate affairs ministry operationalised the C-PACE on May 1, 2023, to facilitate and expedite the applications filed for voluntary exit under the provisions of Section 248 (2) of the Companies Act, 2013.
The corporate affairs ministry operationalised the C-PACE on May 1, 2023, to facilitate and expedite the applications filed for voluntary exit under the provisions of Section 248 (2) of the Companies Act, 2013.
"From FY 2018-19 to FY 2023-24 (up to 30th September 2023) final reports of 1,168 companies have been submitted by liquidators under section 59 of the Insolvency and Bankruptcy Code, 2016 (Code), of which final dissolution orders have been passed by NCLT in 633 cases during the said period," Union Minister Rao Inderjit Singh told the Lok Sabha.
Get latest articles and stories on Latest News at LatestLY. More than 1 lakh firms voluntarily exited under the companies law in nearly five years, the government said on Monday. Latest News | Govt Says over 1.06 Lakh Cos Voluntarily Exited in Last Five Years.
India has taken steps to simplify administrative processes and ease the voluntary liquidation of companies. While the pipeline has become smoother, the final disposal rate has not improved proportionately. The NCLT stage needs improvement and simple process reforms have the potential for bringing about significant change.