Over 320 Companies Filed For Bankruptcy Between 2018 To 2020: Union Minister Anurag Thakur

by Swarajya Staff - Mar 17, 2021 09:23 AM +05:30 IST
Over 320 Companies Filed For Bankruptcy Between 2018 To 2020: Union Minister Anurag ThakurMoS Finance and Corporate Affairs Anurag Thakur (Pic Via Twitter)

As many as 324 firms filed for bankruptcy over the last three years in the country, according to the Ministry of Corporate Affairs.

"As per data provided by the National Company Law Tribunal (NCLT), 149 in the year 2018, 103 in the year 2019 and 72 in the year 2020 making a total of 324 companies which have filed for bankruptcy during the aforesaid three years period," Union Minister of State for Finance and Corporate Affairs Anurag Singh Thakur said in a written reply to a question in Rajya Sabha on Tuesday (16 March).

Giving more details, the minister stated, 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 IBC. Therefore, it appears that number of applications have not increased over the last three years, the minister said.

Responding to a query on the companies which have made the highest (CSR) activities in the current financial year, the minister said no filing has been made by the CSR mandated companies.

"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 MCA21 data base within 30 days of the AGM. Thus, for the current financial year no filing has been made by CSR mandated companies," the minister said.

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