# In the matter of Cox & Kings Limited I.A. 587 of 2021 in C.P. No. 2640 of 2019

> NCLT judgment dated 2021-12-16. Citation: TCN-2021-NCLT-00147. The application I.A. No. 587/2021 was filed by the Resolution Professional, Mr. Ashutosh…

- **Court:** NCLT
- **Order date:** 16 Dec 2021
- **Citation:** TCN-2021-NCLT-00147
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/cox-kings-limited-ia-587-of-2021-in-cp-no-2640-of-2019-6fdcf9ab

## Summary

### Background

The application I.A. No. 587/2021 was filed by the Resolution Professional, Mr. Ashutosh Agarwala, seeking liquidation of Cox & Kings Limited (Corporate Debtor) under Section 33(2) of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated against Cox & Kings Limited following the admission of a petition under Section 7 of the Code filed by Rattan India Finance Private Limited (Financial Creditor). Mr. Alok Kumar Agarwal was initially appointed as the Interim Resolution Professional (IRP).

## Facts

Rattan India Finance Private Limited initiated Corporate Insolvency Resolution Process (CIRP) against Cox & Kings Limited by filing a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016. The petition was admitted on 2019-10-22. Alok Kumar Agarwal was appointed as the Interim Resolution Professional (IRP). Later, Ashutosh Agarwala replaced the IRP and was appointed as the Resolution Professional. An advertisement inviting Expression of Interest (EoI) in Form G was published on 2020-01-04. The last date for submission of the Resolution Plan was extended to 2020-03-03. M/s GAA Advisory LLP and M/s RK Associates were appointed as registered valuers. The CoC approved the resolution to liquidate the Corporate Debtor with a vote share of 85.2%. The CoC

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## Issues and analysis

### Issue 1: Whether the Corporate …

**Ratio:** Section 33 of the Insolvency and Bankruptcy Code (IBC) allows for the liquidation of a

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**Reasoning:** The Committee of Creditors (CoC) voted with a majority of 85.2% to liquidate the

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**Interpretation:** Section 33 of IBC provides the legal basis for initiating liquidation

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**Application:** Since no resolution plan was approved, and the CoC voted in favor of

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## Parties

- **Judges:** H.V. Subb…; Chandra Bha…
- **Appellants:** Ashutosh Ag…
- **Respondents:** Cox & Kings…

## Timeline

- **2019-10-22 — Petition Ad…**: Tribunal admitted the petition under Section 7 of the Code filed by Rattan India Finance…
- **2019-10-22 — IRP Appoi…**: Mr. Alok Kumar Agarwal was appointed as the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 52 — Secured creditor in liquidation proceedings](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-52)

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