The last year saw businesses hit with pandemic adding their difficulties, interestingly, the number of companies filing for bankruptcy applications has experienced a decrease between 2018 to 2020. These statistics are expected to boost more confidence.  

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 that have filed for bankruptcy during the aforesaid three years period.

This was stated by Shri Anurag Singh Thakur, Union Minister of State for Finance & Corporate Affairs, in a written reply to a question in Rajya Sabha today.

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.

As per the Companies Act 2013, companies are required to hold Annual General Meeting (AGM) within six months from the end of the 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.