The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor on April 27, 2022. The Financial Creditor, CG Power and Industrial Solutions Private Limited, was also a holding company of the Corporate Debtor. The Committee of Creditors (CoC) consisted of Stickwell (India) Private Limited as its sole member, as the Financial Creditor was a related party. The CIRP timeline expired on December 26, 2022, without any resolution plan being received. The Resolution Professional (RP) informed the CoC on December 19, 2022, that the Corporate Debtor had no assets and was not an operating company. Consequently, the CoC approved an application for the early dissolution of the Corporate Debtor under Section 54 of the Insolvency and Bankruptcy Code
…The Corporate Insolvency Resolution Process (CIRP) was initiated against CG Power Solutions Limited on April 27, 2022. CG Power and Industrial Solutions Private Limited, the Financial Creditor, was also a holding company of the Corporate Debtor. The Committee of Creditors (CoC) consisted solely of Stickwell (India) Private Limited. The CIRP period expired on December 26, 2022, without any resolution plan. The Resolution Professional (RP) informed the CoC on December 19, 2022, that the Corporate Debtor was not operating and had no assets. The CoC approved an application for early dissolution under Section 54 of the IBC. The RP filed an application under Section 54 read with Section 60(5) of the IBC, seeking dissolution. The RP also filed an Interlocutory Application
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Corporate Insolvency…
The time lim…
The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor on April 27, 2022. The Financial Creditor, CG Power and Industrial Solutions Private Limited, was also a holding company of the Corporate Debtor. The Committee of Creditors (CoC) consisted of Stickwell (India) Private Limited as its sole member, as the Financial Creditor was a related party. The CIRP timeline expired on December 26, 2022, without any resolution plan being received. The Resolution Professional (RP) informed the CoC on December 19, 2022, that the Corporate Debtor had no assets and was not an operating company. Consequently, the CoC approved an application for the early dissolution of the Corporate Debtor under Section 54 of the Insolvency and Bankruptcy Code
…The Corporate Insolvency Resolution Process (CIRP) was initiated against CG Power Solutions Limited on April 27, 2022. CG Power and Industrial Solutions Private Limited, the Financial Creditor, was also a holding company of the Corporate Debtor. The Committee of Creditors (CoC) consisted solely of Stickwell (India) Private Limited. The CIRP period expired on December 26, 2022, without any resolution plan. The Resolution Professional (RP) informed the CoC on December 19, 2022, that the Corporate Debtor was not operating and had no assets. The CoC approved an application for early dissolution under Section 54 of the IBC. The RP filed an application under Section 54 read with Section 60(5) of the IBC, seeking dissolution. The RP also filed an Interlocutory Application
…Corporate Insolvency…
The time lim…