Financial Crisis! Over 96,000 companies closed down in the last 5 years, the ministry said

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image : Pixabay


According to available figures from the Ministry of Corporate Affairs, over 96,000 companies have voluntarily closed operations in the last five years. These companies opted for this type of winding up for various reasons including lack of financial arrangements.

The government statistics are shocking

Government statistics show that 96,000 companies across the country voluntarily ceased operations in the last five years. According to the Ministry of Corporate Affairs, these companies stopped operations due to various reasons including financial crisis. According to ministry statistics, final resolution orders were passed by the National Company Law Tribunal (NCLT) in 510 cases under a section of the Insolvency and Bankruptcy Code (IBC) during this period alone.

How many cases are currently pending?

Currently as per March 2023 figures there are 520 cases pending under section 59 of IBC related to voluntary closure of operations. According to the information provided by the Ministry, till now 11,037 cases are pending for voluntary corporate exit under Section 248(2) of the Companies Act.

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