# In the matter of Cox and Kings Global Services Pvt. Ltd.

> NCLT judgment dated 2023-11-09. Citation: TCN-2023-NCLT-00792. The case involves an application (I.A. No. 3841/2023) filed by the Resolution Professional, Mr.…

- **Court:** NCLT
- **Order date:** 9 Nov 2023
- **Citation:** TCN-2023-NCLT-00792
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/cox-and-kings-global-services-pvt-ltd-5a095496

## Summary

### Background

The case involves an application (I.A. No. 3841/2023) filed by the Resolution Professional, Mr. Birendra Kumar Agrawal, seeking liquidation of Cox and Kings Global Services Private Limited, the Corporate Debtor, under Section 33(1) of the Insolvency and Bankruptcy Code, 2016. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor following the admission of a petition under Section 7 of the Code filed by Indusind Bank Limited, the Financial Creditor. The Tribunal had previously ordered the admission of the petition on 05.01.2023. Mr. Agrawal was appointed as the Interim Resolution Professional and later confirmed as the Resolution Professional.

## Facts

On 05.01.2023, the Tribunal admitted a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, filed by Indusind Bank Limited against Cox and Kings Global Services Private Limited, initiating the Corporate Insolvency Resolution Process (CIRP). Birendra Kumar Agrawal was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). Form-A was published in two daily newspapers to invite claims from creditors. The RP submitted that the Corporate Debtor was non-operative and could not be revived, lacking data for an Information Memorandum (IM) and making an Expression of Interest (EoI) impossible. In the 2nd CoC meeting on 26.04.2023, the CoC approved liquidation under Section 33(2) of the Code with 100%

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## Issues and analysis

### Issue 1: Whether the application for liquidation of Cox and Kings Global Services Private Limited under …

**Ratio:** Section 33(1) of the Insolvency and Bankruptcy Code, 2016, allows for the initiation of

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**Reasoning:** The Tribunal considered the submissions of the Resolution Professional, the approval of

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**Interpretation:** Section 33(1) provides the legal basis for initiating liquidation when the CIRP

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**Application:** In this case, the Corporate Debtor was non-operative, lacked prospects for

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## Parties

- **Judges:** Anu Jagmoha…; KISHORE VEMULAPALL…
- **Appellants:** Birendra Kumar…
- **Respondents:** Cox and Kings…; IndusInd Bank…
- **Advocates:** B. Gopalkr…; Ashish…; +1 more

## Timeline

- **2023-01-05 — Admission of…**: Tribunal admitted the petition under Section 7 of the Code filed by Indusind Bank…
- **2023-02-07 — Confirmatio…**: Mr. Birendra Kumar Agrawal was confirmed as Resolution Professional in the 1st CoC…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(1) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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