324 companies filed for bankruptcy between 2018 to 2020

As many as 324 companies have filed for bankruptcy between 2018 to 2020, informed the Ministry of Corporate Affairs on Tuesday.

As many as 324 compes have filed for bankruptcy between 2018 to 2020, informed the Ministry of Corporate Affairs on Tuesday.

According to a statement issued by the ministry, the data has been provided by the National Company Law Tribunal (NCLT) and it states that as many as 149 compes in the year 2018, 103 in the year 2019, and 72 in the year 2020 have filed for bankruptcy. Total 324 compes have filed for bankruptcy during the aforesaid three years period.

"The same was stated by Minister of State for Finance and Corporate Affairs Anurag Singh Thakur in a written reply to a question in Rajya Sabha today," the statement read.

"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 the number of applications has not increased over the last three years," Thakur said.

As per the Compes Act 2013, compes are required to hold Annual General Meeting (AGM) within six months from the end of the financial year. Therefore, financial statements and board reports containing disclosure about Corporate Social Responsibility (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 compes.

( With inputs from ANI )