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, citing 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 on November 23, 2021. The Corporate Debtor is an unlisted public limited company incorporated on March 14, 2012. The Corporate Debtor's current liabilities exceeded its current assets by Rs. 18,69,94,23,046 as of March 31, 2021, and its net
…CG Power and Industrial Solutions Limited (the Petitioner), being the 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 Petitioner claimed that the Corporate Debtor had defaulted on a debt 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 on November 23, 2021. The Corporate Debtor is an unlisted public limited company incorporated on March
…Sign in to view the parties.
CG Power Solutions…
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, citing 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 on November 23, 2021. The Corporate Debtor is an unlisted public limited company incorporated on March 14, 2012. The Corporate Debtor's current liabilities exceeded its current assets by Rs. 18,69,94,23,046 as of March 31, 2021, and its net
…CG Power and Industrial Solutions Limited (the Petitioner), being the 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 Petitioner claimed that the Corporate Debtor had defaulted on a debt 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 on November 23, 2021. The Corporate Debtor is an unlisted public limited company incorporated on March
…CG Power Solutions…
Petitioner extended various loans to the…