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Troubled times: 21 firms seek winding up on their own

Axiom Managed Solutions filed for liquidation in order to wind up its India business

insolvency

Twenty-one companies have volunteered to seek liquidation within five months of the Insolvency and Bankruptcy Code coming into place. These include subsidiaries of IL&FS and HSBC. Most of these companies are either defunct or the local arms of foreign companies that found it unviable to do business in the country. Axiom Managed Solutions, a global firm rendering legal solutions, filed for liquidation in order to wind up its India business. “The company did not find it viable to run the business in India and decided to wind up,” said Manoj Kulshrestha, an ...