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).
Last year, the state tax department moved the Mumbai bench of NCLT seeking to allow a delay of 92 days in filing the claim with the company s liquidator and sought to direct the liquidator to include the claim.
Jury is still out on whether bankrupt companies be allowed to trade on bourses indiatimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from indiatimes.com Daily Mail and Mail on Sunday newspapers.