Sun Granite Export CIRP: ₹3.96 crore default (2026)

What happened and why it matters

Sun Granite Export Limited has been admitted into Corporate Insolvency Resolution Process (CIRP) by the National Company Law Tribunal (NCLT), Cuttack Bench, after a Section 7 petition filed by Minaxi Suppliers Private Limited. The admitted default is ₹3.96 crore, and the order has triggered a moratorium from August 5, 2026. The development is material because it formally shifts control of key decisions to the insolvency framework and an Interim Resolution Professional (IRP). It also places legal restrictions on actions against the company while the process runs. The disclosure flagged the admission as a high-impact event, including a note that the company was admitted to CIRP twice in the same period.

NCLT Cuttack admits Section 7 petition

According to the information provided, the Hon’ble NCLT, Cuttack Bench admitted the petition under Section 7 of the Insolvency and Bankruptcy Code, 2016. The petition was filed by Minaxi Suppliers Private Limited as the financial creditor, with Sun Granite Export Limited as the corporate debtor. The NCLT order was passed on August 5, 2026. The company was informed on August 6, 2026. With admission, CIRP was initiated and the moratorium commenced from the order date.

Default admitted: principal, interest, and rate

The admitted default amount is ₹3.9596 crore. This comprises ₹3.55 crore of principal and ₹0.4096 crore of unpaid interest. The interest rate referenced is 9% per annum. These figures form the basis for the CIRP admission as stated in the NCLT proceedings. The size and composition of the default are important because they clarify how much of the claim is principal versus accumulated interest.

Moratorium begins August 5, 2026

The company has been placed under moratorium starting August 5, 2026. The moratorium will remain in force until completion of CIRP, approval of a resolution plan, or a liquidation order, as applicable under the process. This moratorium is a central feature of CIRP because it pauses certain legal actions and enforcement measures while resolution is explored. For stakeholders, it changes the operating environment in which claims and recoveries may be pursued.

IRP appointment and registration details

An Interim Resolution Professional has been appointed: Mr. Raghunath Bhandari. The IRP’s registration number is IBBUIPA-002/IP-N01023/2020-2021/113276. The disclosure also states that the IRP’s AFA is valid until December 31, 2026. The appointment of an IRP is a procedural milestone because it begins the formal administration of the insolvency process, including the handling of claims and coordination with stakeholders.

Company’s position: dispute of default and procedural objections

Sun Granite Export Limited disputed the default in the proceedings, according to the information provided. The corporate debtor claimed solvency and attributed the situation to temporary liquidity issues linked to market conditions. The company also alleged procedural defects in the petition. Despite these contentions, the NCLT initiated CIRP and imposed the moratorium. The admission indicates that the tribunal proceeded with the insolvency framework based on the petition and admitted claim.

NPA classification points to earlier stress

The loan was classified as a Non-Performing Asset (NPA) on November 30, 2025 in the financial creditor’s books. This NPA classification predates the CIRP admission and indicates that repayment stress was recorded before the tribunal’s order. The disclosure describes this as credit quality deterioration over a period of about nine months. For readers tracking credit events, the NPA date helps contextualise the timeline from stress recognition to formal insolvency proceedings.

Business profile and operating base

Sun Granite Export Limited is engaged in granite and marble exports. The company’s exclusive products listed include Seaweed Green, Desert Sand, Lavender Blue, Vizag Blue, Ikon brown, Sun White, and Orissa gold. It also processes other popular Indian colours and produces flame-finished slabs for public utility areas as per customer requirements. The company produces granite products such as slabs (random and cut-to-size), tiles, vanity tops, and counters in thicknesses ranging from 12mm to 30mm, with other sizes on request. The registered office address provided is Paniora, P.O. Palaspur, Khurda - 752054, Orissa.

Market context and sentiment signals in the note

The note flagged Sun Granite Export Limited as “bearish” around the insolvency development. It also mentioned Value Industries Ltd as “bearish,” in the same context list. The event was tagged with “negative materiality” scores of 10/10 and 9/10 for Sun Granite Export’s insolvency-related disclosure, reflecting the seriousness assigned to the development in that note. These are sentiment and materiality indicators presented alongside the factual insolvency update, rather than market price data.

Key facts at a glance

Timeline: hearing note and order communication

Conclusion

Sun Granite Export Limited’s admission into CIRP by NCLT Cuttack ties a recorded NPA event (November 30, 2025) to a formally admitted default of ₹3.96 crore and a moratorium effective August 5, 2026. The process is now under an appointed IRP, with the moratorium continuing until CIRP completion, approval of a resolution plan, or liquidation order. The next confirmed steps depend on the CIRP process milestones under the IBC framework as the case proceeds under tribunal supervision.