please try this
echo '{"compress_js":false,"compress_html":false}' > /usr/local/cwp/.conf/.devtools_config
Thanks Jose, for your quick reply.
I tried the solution but this didn't solve the issue.
Continuous loading is still happening.
Another observation, I though change may take effect if CWP is restarted, so I restarted it from admin panel, but that brought down the GUI completely, CWP admin/user/webmail everything.
I reverted the changes, restarted CWP from commandline "service cwpsrv restart" all worked fine, but that issue of loading is still happening. Again mage the changes as per your solution, restarted CWP from command line, it restarted all worked fine, but that issue of loading is still happening.