# In the matter of CANDID GUARD SERVICES PRIVATE LIMITED

> NCLT judgment dated 2025-09-09. Citation: TCN-2025-NCLT-01359. The application was filed by Candid Guard Services Private Limited under Section 10 of the…

- **Court:** NCLT
- **Order date:** 9 Sept 2025
- **Citation:** TCN-2025-NCLT-01359
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-cuttack/candid-guard-services-private-limited-7afe3c44

## Summary

### Background

The application was filed by Candid Guard Services Private Limited under Section 10 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP).

## Facts

The Corporate Applicant, Candid Guard Services Private Limited, filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016.

The Corporate Applicant faced financial difficulties due to the discontinuation of assistance from DGR, the introduction of GST, and the COVID-19 pandemic.

The Corporate Applicant has five Financial Creditors amounting to Rs. 1,72,70,919/-.

The Corporate Applicant has five Operational Creditors amounting to Rs. 61,81,972/-.

The Corporate Applicant has Statutory Liabilities amounting to Rs. 4,32,67,680/-.

The Corporate Applicant defaulted in repayment of debts amounting to more than Rs 1 Crore.

The Adjudicating Authority admitted the application and declared a moratorium under Section 14 of the Insolvency and Bankruptcy Code, 2016.

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## Issues and analysis

### Issue 1: Whether the application under Section 10 of the Insolvency and Bankruptcy Code, 2016, for …

**Ratio:** The Adjudicating Authority admitted the application based on the Corporate Applicant's

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**Reasoning:** The Corporate Applicant demonstrated that it was unable to pay its debts and that the

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**Interpretation:** Section 10 of the Insolvency and Bankruptcy Code, 2016, allows a corporate

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**Application:** The Adjudicating Authority applied the provisions of Section 10 of the Code and

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## Parties

- **Judges:** Deep Chand…; Banwari Lal…
- **Respondents:** Candid Guard…
- **Other parties:** Pravin…; Indusind Bank…; +10 more
- **Advocates:** Adeel P…

## Timeline

- **2024-06-30 — Application…**: The present application was filed on…
- **2025-09-09 — Date of Prono…**: Date of Pronouncement:…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 11 — Persons not entitled to make application](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-11)

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