Central Bank of India Seeks Candid Industries Fund Transfer

Authority: National Company Law Tribunal, Division Bench (Court-I) Chennai

Order Date: July 13, 2026

Case Overview

The matter involves an application (IA(I.B.C)/1159(CHE)2026) filed in the main petition C.P. (IB)/109(CHE)2025 titled "Central Bank of India Vs Candid Industries Ltd." The Resolution Professional sought specific directions from the Tribunal regarding the transfer of funds from the Corporate Debtor's accounts to the Corporate Insolvency Resolution Process (CIRP) account.

The application requested:

a) Direction to the 1st Respondent to transfer amounts from Account No. 32170200000104 of the Corporate Debtor

b) Direction to the 2nd Respondent to transfer amounts from Account No. 26610200000460 of the Corporate Debtor

c) Both transfers to be made to the CIRP Bank Account of the Corporate Debtor bearing Account No. 5979092357 with Central Bank of India, Corporate Finance Branch, Chennai

Final Outcome

The Tribunal issued procedural directions ordering the applicant to serve a copy of the application on the respondents and file an affidavit of service. The matter was listed for appearance/reply/hearing on July 24, 2026. No substantive decision on the fund transfer was made in this order.

Topics: Insolvency Proceedings, Fund Transfer, Corporate Debtor