In re Candid Guard Services Pvt. Ltd. (NCLT Cuttack)
Summary: The NCLT Cuttack Bench, in the matter of Candid Guard Services Pvt. Ltd., ordered liquidation of the corporate debtor under section 33 of the Insolvency and Bankruptcy Code, 2016. The resolution professional submitted that the company had been admitted into CIRP on 9 September 2025. The first publication of Form G on 9 November 2025 did not produce a positive result. Its republication on 27 March 2026 attracted four expressions of interest. Praveen Singh submitted a resolution plan, which the CoC considered at its eighth meeting on 3 June 2026 and requested him to revise. No revised proposal was received, and the submitted plan was put to vote along with an agenda for liquidation if the plan was not approved. According to the applicant’s counsel, the GST Department, holding 99.66% of the CoC voting share, rejected the plan and approved liquidation through its email dated 21 June 2026. The ninth CoC meeting followed on 22 June 2026 to take the requisite decisions and approvals.
The Tribunal appointed Sanjit Kumar Das as liquidator and directed him to take custody of the company’s assets, preserve and protect its properties, issue a public notice and discharge the statutory duties of liquidation. The powers of the board and key managerial personnel were to vest in the liquidator, with the company’s personnel required to assist him. The order also prescribed restrictions on instituting proceedings, filing the order with the Registrar of Companies, determination of the liquidator’s fee and submission of a preliminary report. The resolution professional was discharged and directed to hand over the company’s documents, records and access and control of assets to the new liquidator within two days of receiving the order.
