Mumbai: The bankruptcy court in Mumbai has allowed an application filed by the resolution professional of CG Power Solutions to dissolve the company after the lenders of the company failed to revive the company due to lack of any underlying assets.
The tribunal had also allowed the lenders’ plea to pursue recovery against the erstwhile promoters under the bankruptcy laws even after the dissolution of the company. Originally, the company had only two creditors including its holding company CG Power & Industrial Solutions and its financial creditor Stickwell (India).
