# In the matter of MakeMyTrip Travel Services Private Limited

> NCLT judgment dated 2023-08-01. Citation: TCN-2023-NCLT-02241. The case pertains to the voluntary liquidation of MakeMyTrip Travel Services Private Limited…

- **Court:** NCLT
- **Order date:** 1 Aug 2023
- **Citation:** TCN-2023-NCLT-02241
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/makemytrip-travel-services-private-limited-86362bec

## Summary

### Background

The case pertains to the voluntary liquidation of MakeMyTrip Travel Services Private Limited under Section 59(7) of the Insolvency and Bankruptcy Code (IBC), 2016, read with the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017. The application was filed by the Applicant/Voluntary Liquidator, Mr. Jiwan Parkash Saini, seeking dissolution of the company. The company initiated the Voluntary Liquidation Process (VLP) following a special resolution passed in an Extraordinary General Meeting (EOGM) on September 28, 2017, where Mr. Saini was appointed as the liquidator. The directors had also provided a Declaration of Solvency, affirming the company's ability to pay its debts in full from the proceeds of its assets.

## Facts

MakeMyTrip Travel Services Private Limited (the 'Company') initiated voluntary liquidation under Section 59 of the IBC, 2016. The Company was incorporated on 24.12.2014. A special resolution was passed in an Extraordinary General Meeting (EOGM) on 28.09.2017, to commence the Voluntary Liquidation Process (VLP), and Mr. Jiwan Parkash Saini was appointed as the liquidator. The directors provided a Declaration of Solvency, stating the company could pay its debts in full. The company's debts amounted to INR 2,81,070. Public announcements were made in 'Business Standard' and 'Aajkal' newspapers on 02.10.2017. The liquidator submitted a preliminary report on 09.11.2017 and a final report on 30.03.2022. The company managed two bank accounts for liquidation purposes. All dues

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## Issues and analysis

### Issue 1: Whether the Applicant/Voluntary Liquidator has complied with the provisions of the Insolvency and …

**Ratio:** Regulation 37(1) of the Voluntary Liquidation Regulation, 2017 specifies that the

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**Reasoning:** The court considered the liquidator's actions, including issuing public announcements,

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**Interpretation:** The regulations emphasize the importance of completing the liquidation process

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**Application:** The liquidator's compliance was assessed based on the actions taken and the

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## Parties

- **Judges:** Sh. Ashok Kumar…; L. N. G…
- **Appellants:** Jiwan Parkash…
- **Respondents:** MakeMyTrip Travel…
- **Advocates:** Ayshwarya C…

## Timeline

- **2014-12-24 — Company Incor…**: MakeMyTrip Travel Services…
- **2017-09-28 — EOGM and Special…**: Extraordinary General Meeting (EOGM) held, and a special resolution was passed to…

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