Home / Companies / News /  NCLT asks Cox and Kings RP to seek tax refund from I-T dept
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MUMBAI : The National Company Law Tribunal (NCLT) on Monday directed the liquidator of Cox and Kings Ltd to issue a notice to the Income Tax department to seek a tax refund of 11 crore due to the company. 

The directive came after Pulkitesh Dutt Tiwari, counsel representing the liquidator, informed the tribunal that he had filed an application before NCLT seeking a refund from the tax body on behalf of the beleaguered Cox and Kings. 

The matter will be taken up by Justice Chandra Bhan Singh on Tuesday. 

In October 2019, NCLT granted Rattan India Finance’s request to file an insolvency petition against Cox & Kings for defaulting on a loan of 30 crore. The committee of creditors voted to liquidate the company in March 2021 after the company failed to find any buyer.

The debt laden firm owes around 7,422 crore to its financial and operational creditors. 

The liquidator further informed the tribunal that the company had given a security deposit of 2.32 crore to its landlord for office space in Gurugram, near New Delhi’s Southwest district. The landlord has not returned the security deposit, the liquidator contended. 

The liquidator also told the NCLT bench that the resolution professional was not allowed in the office premises to collect the company’s assets. 

The bench frowned upon the landlord who was represented by lawyer Zain Khan and asked the landlord to let the company take their movable assets. The bench directed the landlord to pay the security deposit and warned him of serious action if he failed to do so. 

In 2021, NCLT had admitted Yes Bank’s insolvency petition against Cox & Kings Financial Services Ltd and appointed Pardeep Kumar Sethi as interim resolution professional for the company. The private lender had moved the Mumbai bench of NCLT after the company defaulted on dues of more than Rs445 crore. This included working capital demand loan, cash credit facility, and interest.

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