CG Power and Industrial Solutions Limited (Petitioner) initiated Corporate Insolvency Resolution Process (CIRP) against CG Power Solutions Limited (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, due to a default of Rs. 11,99,50,00,000. The Petitioner had extended various loans to the Corporate Debtor between March 2013 and April 2017, totaling Rs. 1333 Crores, through several loan agreements. The Corporate Debtor failed to repay the outstanding amount as of March 31, 2021. The Petitioner issued a demand notice on November 23, 2021. The Corporate Debtor is an unlisted public limited company incorporated on March 14, 2012. The Corporate Debtor has incurred consistent losses, and its current liabilities exceed its current assets by Rs.
…CG Power and Industrial Solutions Limited (the Petitioner), a holding company, sought to initiate Corporate Insolvency Resolution Process (CIRP) against its wholly-owned subsidiary, CG Power Solutions Limited (the Corporate Debtor), under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC). The basis for the application was a default of Rs. 11,99,50,00,000. The Petitioner had extended various loans to the Corporate Debtor between March 2013 and April 2017, totaling Rs. 1333 Crores, through several loan agreements. The Corporate Debtor failed to repay the outstanding amount as of March 31, 2021. A demand notice was issued by the Petitioner on November 23, 2021. The Corporate Debtor is an unlisted public limited company incorporated on March 14, 2012. The
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CG Power Solutions…
The Petitioner extended various loans to the…
CG Power and Industrial Solutions Limited (Petitioner) initiated Corporate Insolvency Resolution Process (CIRP) against CG Power Solutions Limited (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, due to a default of Rs. 11,99,50,00,000. The Petitioner had extended various loans to the Corporate Debtor between March 2013 and April 2017, totaling Rs. 1333 Crores, through several loan agreements. The Corporate Debtor failed to repay the outstanding amount as of March 31, 2021. The Petitioner issued a demand notice on November 23, 2021. The Corporate Debtor is an unlisted public limited company incorporated on March 14, 2012. The Corporate Debtor has incurred consistent losses, and its current liabilities exceed its current assets by Rs.
…CG Power and Industrial Solutions Limited (the Petitioner), a holding company, sought to initiate Corporate Insolvency Resolution Process (CIRP) against its wholly-owned subsidiary, CG Power Solutions Limited (the Corporate Debtor), under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC). The basis for the application was a default of Rs. 11,99,50,00,000. The Petitioner had extended various loans to the Corporate Debtor between March 2013 and April 2017, totaling Rs. 1333 Crores, through several loan agreements. The Corporate Debtor failed to repay the outstanding amount as of March 31, 2021. A demand notice was issued by the Petitioner on November 23, 2021. The Corporate Debtor is an unlisted public limited company incorporated on March 14, 2012. The
…CG Power Solutions…
The Petitioner extended various loans to the…