# Candid Guard Services Pvt. Ltd. vs. N/A

> NCLT judgment dated 2026-09-30. Citation: TCN-2026-NCLT-01092. Candid Guard Services Pvt. Ltd. initiated Corporate Insolvency Resolution Process (CIRP) under…

- **Court:** NCLT
- **Order date:** 30 Sept 2026
- **Citation:** TCN-2026-NCLT-01092
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-cuttack/candid-guard-services-private-limited-t12jt

## Summary

### Background

Candid Guard Services Pvt. Ltd. initiated Corporate Insolvency Resolution Process (CIRP) under Section 10 of the IBC, and the Corporate Debtor was admitted into CIRP on 09.09.2025. Mr. Prabhat Jain was appointed as the Interim Resolution Professional (IRP) and subsequently constituted the Committee of Creditors (CoC). Efforts were made to find a resolution, including issuing Form G twice and receiving four expressions of interest. A resolution plan submitted by Mr. Praveen Singh was considered by the CoC in its 8th meeting on 03.06.2026, but no revised proposal was received. The GST Department, holding 99.66% voting share in the CoC, rejected the resolution plan and approved the initiation of liquidation via email on 21.06.2026.

## Facts

Candid Guard Services Pvt. Ltd. initiated CIRP under Section 10 of the IBC.

The Corporate Debtor was admitted into CIRP vide order dated 09.09.2025.

Prabhat Jain was appointed as IRP and constituted the CoC.

Form G was issued on 09.11.2025 and republished on 27.03.2026, inviting expressions of interest.

Four expressions of interest were received from Prospective Resolution Applicants (PRAs).

Mr. Praveen Singh submitted a resolution plan, which was considered by the CoC in its 8th meeting on 03.06.2026.

No revised proposal was received from Mr. Praveen Singh after being requested by the CoC.

The GST Department, holding 99.66% voting share in the CoC, rejected the resolution plan and approved the initiation of liquidation via e-mail dated 21.06.2026.

…

## Issues and analysis

### Issue 1: Whether Candid Guard Services Pvt. Ltd. should be ordered to be liquidated under Section 33(1) of …

**Ratio:** Liquidation of a Corporate Debtor is mandatory under Section 33(1) of the IBC if the

…

**Reasoning:** The CoC, with the GST Department holding a 99.66% voting share, explicitly rejected the

…

**Interpretation:** Section 33(1) of the IBC provides for the initiation of liquidation proceedings

…

**Application:** Since the CoC, representing the majority of creditors, rejected the resolution

…

## Parties

- **Judges:** Sh. Cheekati…; SH. BANWARI LAL…
- **Appellants:** Prabhat…; Regional P.F.…
- **Respondents:** Candid Guard…
- **Other parties:** CoC of Candid…; Board of directors…; +1 more
- **Advocates:** Shaswat Kum…; SUBHAM AG…; +2 more

## Timeline

- **2025-09-09 — CIRP Admi…**: Corporate Debtor (Candid Guard Services…
- **2025-11-09 — First Form G…**: The IRP issued Form G for the first time…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 10 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-10)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-cuttack/candid-guard-services-private-limited-t12jt