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      Question

      What is the full form of C-PACE that is to be set up to reduce timeline for voluntary winding up of companies from 2 years to 6 months?

      A Center for Processing Accessible Corporate exit Correct Answer Incorrect Answer
      B Center for Processing Accelerated Corporate exit Correct Answer Incorrect Answer
      C Center for Processing Augmented Corporate exit Correct Answer Incorrect Answer
      D Center for Processing Amicable Corporate exit Correct Answer Incorrect Answer
      E None of the above Correct Answer Incorrect Answer

      Solution

      C-PACE (Center for Processing Accelerated Corporate Exit) The Union Budget 2022-23 has proposed to establish the Centre for Processing Accelerated Corporate Exit (C-PACE) for speedy winding-up of companies from the currently required 2 years to less than 6 months The Budget has also proprosed to carry out necessary amendments in the Insolvency & Bankruptcy Code to enhance the efficacy of the resolution process and facilitate cross-border insolvency resolution. The main aim of the Code is resolving corporate debtors in distress

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