ALOK Kumar Agarwal has been appointed as an “Interim Resolution Professional” to oversee the corporate insolvency of Cox & Kings Limited, according to an announcement on the Indian Stock Exchange.
The appointment follows repeated failures by C&K to repay debts, with the announcement including evidence presented to an Indian court relating to an “express loan agreement” entered into by the company in late May 2019 at an interest rate of 13.5% per annum.
“Despite repeated requests and reminders in the form of notices, the Corporate Debtor failed to repay the dues,” the court found.
Cox & Kings was the parent company of the collapsed Tempo Holidays and Bentours in Australia and New Zealand, with the company’s longstanding operations in the USA and UK also now having ceased trading.
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Source: traveldaily