Travel and tour company Cox & Kings June 27 said it has defaulted on the payment of commercial papers due to cash flow mismatch and a situation exacerbated by rating downgrade.

Cox & Kings said it would meet its financial obligations "through a combination of internal accruals and monetisation of assets".

The company was required to pay Rs 200 crore, however, Cox & Kings was able to pay only Rs 50 and defaulted on Rs 150 crore.

"We wish to further state that the Company has been meeting its liability obligations.

"However, due to cash flow mismatch and a situation exacerbated by rating downgrade, the Company proposes to meet its financial obligations through a combination of internal accruals and monetisation of assets," said Cox & Kings in a regulatory filing.

The company is working towards plans to make good its obligations, the statement said.