Cox and Kings has defaulted on the payment of commercial papers (CP) due to cash flow mismatch and a situation exacerbated by rating downgrade. The company was required to pay Rs 200 crore, however, Cox & Kings was able to pay only Rs 50 crore and defaulted on Rs 150 crore. However, the company is working towards plans to make good its obligations.
Cox and Kings is engaged in providing travel management solutions. Its services include destination management, outbound tourism, business travel, insurance and conference solutions. The firm also offers domestic holidays, trade fairs, foreign exchange and insurance.