Place a steamer insert into a saucepan, and fill with water to just below the bottom of the steamer. Cover, and bring the water to a boil over high heat. Add the carrots, recover, and steam until very tender, about 15 minutes. Drain water, remove steamer basket, and return carrots to pan; mash with an electric mixer until smooth.
Preheat oven to 350 degrees F (175 degrees C). Generously grease a 12 cup ring mold or Bundt® pan; sprinkle mold with 5 tablespoons corn flake crumbs.
Crack the eggs into a large bowl and beat at high speed until light yellow, about 1 minute. Stir in the cooked carrots, milk, Cheddar cheese, butter, onion, salt, pepper, cayenne pepper, nutmeg, and the remaining 1 1/2 cup corn flake crumbs; mix well. Spoon into prepared mold.
Bake in preheated oven until puffed and lightly browned, abut 1 hour. Remove from oven; let stand 30 minutes before inverting onto serving platter.