Get Papers Or Face Arrest: NCLT Tells Suspended Cox Bosses
[ By Bobby Anthony ]The Mumbai bench of the National Company Law Tribunal (NCLT) has directed suspended directors of Cox & Kings as well as its earlier auditors to give the details sought by its resolution professional (RP) or else face an arrest warrant.The company’s resolution professional had informed the NCLT that he is unable to proceed with the corporate insolvency resolution...
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The Mumbai bench of the National Company Law Tribunal (NCLT) has directed suspended directors of Cox & Kings as well as its earlier auditors to give the details sought by its resolution professional (RP) or else face an arrest warrant.
The company’s resolution professional had informed the NCLT that he is unable to proceed with the corporate insolvency resolution process (CIRP) due to the absence of relevant documents and that the NCLT has to direct the suspended board to furnish these documents.
The NCLT has directed the company’s former directors to all relevant documents sought by the resolution professional within two days or face arrest.
The NCLT has set February 20 as the next date for hearing.
It may be recalled that in October 2019, the NCLT had admitted a plea filed by Rattan India Finance to initiate insolvency proceedings against Cox &Kings for defaulting on a loan repayment.
In June 2019, it had informed the stock exchanges that it had not paid Rs 150 crore out of Rs 200 crore worth of loans given by two investors. Then in September it said it had defaulted on a loan of Rs 30 crore.
