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.

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 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.

IBC filings show no proportional rise in company bankruptcies while Companies Act CSR disclosures remain unfiled after AGM deadlines. 324 companies filed for bankruptcy over three years while IBC application volumes each year were substantially higher, revealing a gap between applications and company level bankruptcy counts. Under the Companies Act, companies must hold AGMs within six months and file financial statements and board reports containing CSR disclosures to the MCA registry within 30 days of the AGM; CSR mandated companies had not completed those filings for the current financial year.