Central Bank of India filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Candid Industries Limited, the Corporate Debtor.
Central Bank of India, a financial creditor, filed CP IB 109 CHE 2025 on 22.04.2025 under Section 7 of the Insolvency and Bankruptcy Code, 2016.
Candid Industries Limited (Future Tech Industries Limited) acted as a Corporate Guarantor for credit facilities extended to Best & Crompton Engineering Projects Limited.
The petitioner bank 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 amount due to petitioner Central Bank of India as on 08.07.2024 was Rs. 318,89,95,472/-.
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Petitioner sanctioned various working capital…
Demand Notice issued by…
Central Bank of India filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Candid Industries Limited, the Corporate Debtor.
Central Bank of India, a financial creditor, filed CP IB 109 CHE 2025 on 22.04.2025 under Section 7 of the Insolvency and Bankruptcy Code, 2016.
Candid Industries Limited (Future Tech Industries Limited) acted as a Corporate Guarantor for credit facilities extended to Best & Crompton Engineering Projects Limited.
The petitioner bank 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 amount due to petitioner Central Bank of India as on 08.07.2024 was Rs. 318,89,95,472/-.
…Petitioner sanctioned various working capital…
Demand Notice issued by…