Central Bank of India filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Candid Industries Limited, the Corporate Guarantor.
Central Bank of India filed CP(IB)/109(CHE)/2025 under Section 7 of the IBC, 2016, against Candid Industries Limited.
Candid Industries Limited acted as a guarantor for Best & Crompton Engineering Projects Limited.
The petitioner sanctioned working capital limits to the Principal Debtor for Rs. 120 crores on 30.11.2010.
The amount in default as per Demand Notice issued by DRT on 14.08.2018 was Rs.507,22,85,234.93.
The Principal Debtor acknowledged the default in its balance sheet for the financial year 2021-2022.
CIRP was already initiated against the Corporate Debtor Best & Crompton Engineering Projects Limited in CP/183/2024 vide order dated 04.04.2025.
…Sign in to view the parties.
Petitioner sanctioned various working capital…
Debt Recovery Tribunal passed final order in…
Central Bank of India filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Candid Industries Limited, the Corporate Guarantor.
Central Bank of India filed CP(IB)/109(CHE)/2025 under Section 7 of the IBC, 2016, against Candid Industries Limited.
Candid Industries Limited acted as a guarantor for Best & Crompton Engineering Projects Limited.
The petitioner sanctioned working capital limits to the Principal Debtor for Rs. 120 crores on 30.11.2010.
The amount in default as per Demand Notice issued by DRT on 14.08.2018 was Rs.507,22,85,234.93.
The Principal Debtor acknowledged the default in its balance sheet for the financial year 2021-2022.
CIRP was already initiated against the Corporate Debtor Best & Crompton Engineering Projects Limited in CP/183/2024 vide order dated 04.04.2025.
…Petitioner sanctioned various working capital…
Debt Recovery Tribunal passed final order in…