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Business News/ News / India/  Over 300 companies filed for bankruptcy in past 3 years, says govt
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Over 300 companies filed for bankruptcy in past 3 years, says govt

MoS for finance Anurag Singh Thakur said as per data provided by the NCLT, 149 companies filed for bankruptcy in 2018, 103 in 2019 and another 72 in 2020 making a total of 324 firms which filed for bankruptcy during the aforesaid three years

Union Minister of State for Finance and Corporate Affairs Anurag Singh ThakurPremium
Union Minister of State for Finance and Corporate Affairs Anurag Singh Thakur

NEW DELHI : The Ministry of Corporate Affairs on Tuesday said more than 300 Indian companies have filed for bankruptcy between 2018 to 2020.

Union Minister of State for Finance and Corporate Affairs Anurag Singh Thakur in a written reply in Rajya Sabha said as per data provided by the National Company Law Tribunal (NCLT), 149 companies filed for bankruptcy in 2018, 103 in 2019 and another 72 in 2020 making a total of 324 Indian companies which have filed for bankruptcy during the aforesaid three years period.

The minister said, as per data provided by the NCLT, 8,330 applications in the year 2018, 12,091 in the year 2019 and 5,282 in the year 2020 were filed under the Insolvency and Bankruptcy Code (IBC). Therefore, it appears that number of applications have not increased over the last three years.

Thakur further said as per the Companies Act 2013, companies are required to hold Annual General Meeting (AGM) within six months from the end of financial year. Therefore, financial statements and board report containing disclosure about CSR, are to be filed in MCA21data base within 30 days of the AGM. Thus, for the current financial year no filing has been made by CSR mandated companies

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Published: 16 Mar 2021, 06:13 PM IST
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