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.