Officials in the know told Business Standard that the subsidiary, which had plans to operate non-scheduled flights, was being wound up as it had failed to take off. MakeMyTrip
set up this entity in 2014 and it does not have any major liability, added the officials. Emails sent to the official liquidator and MakeMyTrip
In the recent past, a number of companies
has filed for voluntary liquidation
to shut their subsidiaries. Recently, two multinational firms — Gucci and Daiichi Sankyo — decided to send their Indian subsidiaries for liquidation
under the IBC.
Gucci had intended to operate Gucci India Private Ltd as a wholly-owned subsidiary in the country.
The subsidiary, however, will now be wound up because the global luxury brand has got into local partnerships and started operating in India. Daiichi, on the other hand, has decided to centralise its research and development set-up, prompting the winding-up of its Indian subsidiary.
Other multinational firms that have applied for liquidation
are Indian subsidiaries of IL&FS and HSBC.
Axiom Managed Solutions, a global firm rendering legal solutions, also filed for liquidation
to wind up its India business.
Since the rules for voluntary liquidation
were notified, more than 40 companies
have filed for it. Experts say the process of winding up has become easier for companies
now. Earlier, a high court would appoint an official liquidator, and that made the process cumbersome.