To simplify the processing of applications to strike off Indian companies from the register (a step which comes after liquidation formalities are complete and effectively marks the closure of an Indian company), on March 17, 2023, India’s Ministry of Corporate Affairs (MCA) notified the creation of the Centre for Processing Accelerated Corporate Exit (C-PACE).  Consequently, the MCA has amended the Companies (Removal of Names of Companies from the Register of Companies) Rules, 2016, and effective May 1, 2023, C-PACE will serve as the central nodal authority for strike off applications (instead of each jurisdictional Registrar of Companies). 

Although the company strike off procedure remains the same, the establishment of C-PACE is expected to reduce the time taken to strike off the name of an Indian company from its register.