Sun Granite Export CIRP: key filings and CoC steps 2026

Insolvency process moves into formal CoC phase

Sun Granite Export Ltd is in a distressed phase and is undergoing a formal Corporate Insolvency Resolution Process (CIRP), as reflected in a series of regulatory disclosures across August and September 2026. The disclosures show that the company has moved from admission into CIRP to creditor verification and Committee of Creditors (CoC) meetings. They also confirm that no operational or strategic revival plan has been disclosed so far. For investors and stakeholders, the key developments are procedural but important because they determine control of the company, creditor participation, and the timeline for any eventual resolution.

The company’s filings were made under SEBI LODR Regulation 30 read with Schedule III, indicating that the events were treated as material. Exchange information provided in the material lists Sun Granite Export Ltd under BSE scrip 531013 and notes the scrip status as “Suspended” in BSE Group XT.

NCLT admission: CIRP begins on August 5, 2026

The CIRP commenced after the National Company Law Tribunal (NCLT), Cuttack Bench, passed an order dated August 5, 2026 admitting Sun Granite Export Limited into CIRP. The admission was under a Section 7 petition of the Insolvency and Bankruptcy Code, 2016, which relates to insolvency applications filed by financial creditors. As part of the admission, a moratorium under Section 14 of the IBC came into force with effect from August 5, 2026.

The material also states that the Board of Directors’ powers were suspended following the NCLT order dated August 5, 2026. This is a standard consequence of admission into CIRP, where management powers shift away from the board and are exercised through the insolvency professional as the process progresses.

Who filed the case and what default was disclosed

The case details cited in the provided material identify Minaxi Suppliers Private Limited as the financial creditor and Sun Granite Export Limited as the corporate debtor. The admission is linked to an admitted default of ₹3.96 crore, stated more precisely as ₹3,95,96,011 including interest in the case details referenced. The same case entry identifies Raghunath Bhandari as the insolvency professional.

Beyond identifying the financial creditor that filed the petition, the material notes that it does not mention any operational creditors by name. It also does not provide a breakdown of creditor categories or amounts beyond the admitted default highlighted in the petition details.

Public announcement and claim submission timeline

The disclosures referenced include a public announcement dated August 8, 2026, which set August 19, 2026 as the last date for submission of claims. This is a key administrative step because it enables creditors to submit and validate claims for participation in the CoC and other CIRP processes.

The provided material positions this as part of the early-stage CIRP framework, moving from admission and moratorium into claim collection and verification.

List of creditors disclosure and CoC constitution

Sun Granite Export Ltd disclosed its list of creditors as of August 27, 2026, with a related filing date in the material referencing August 28, 2026. The disclosure states that the Interim Resolution Professional (IRP) constituted the CoC based on verified claims. It also notes that the list of creditors is subject to revision or updation from time to time, and that a report certifying constitution of the CoC was being filed with the NCLT.

In the exchange snapshot included in the material, the “List of Creditors” update is described as a revised disclosure as on August 27, 2026, and is linked to requirements under Regulation 13(2)(c) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.

First CoC meeting on September 3, 2026

The CIRP moved into the CoC meeting phase with the first meeting scheduled for September 3, 2026 at 4:00 PM, to be held through video conferencing or other audio-visual means. The material also references a monitoring note dated August 28, 2026 that points to the scheduled first CoC meeting on September 3.

The first CoC meeting is typically the point where creditors begin formal oversight of the process, including decisions on the role of the IRP, confirmation or replacement, and the immediate procedural steps that follow.

Raghunath Bhandari confirmed as Resolution Professional

According to the provided information, Raghunath Bhandari was appointed as the Interim Resolution Professional (IRP) through the NCLT order dated August 5, 2026. The company later informed the exchange that, in a CoC meeting held on September 3, 2026, the CoC unanimously approved his appointment as the Resolution Professional (RP).

The material also states that on September 7, 2026, the CoC approved the appointment of Raghunath Bhandari as the Insolvency Resolution Professional. Taken together, the disclosures indicate that the appointment was confirmed as the permanent RP during the first CoC meeting held on September 3, 2026, with the related outcome communicated subsequently.

Second CoC meeting scheduled for September 30, 2026

The next operational milestone disclosed is the second CoC meeting scheduled for September 30, 2026 at 5:00 PM, to be conducted through video conferencing. Sun Granite Export informed BSE of the meeting schedule as part of its CIRP-related disclosures.

The material separately notes that the company held a second CoC meeting on September 30, 2026, also via video conference, aligning with the exchange intimation.

ROC allows AGM extension amid CIRP-linked delays

Sun Granite Export Limited received approval from the Registrar of Companies (ROC), Cuttack, for a three-month extension to hold its Annual General Meeting (AGM) for the financial year ended March 31, 2026. The company cited practical difficulties in finalising financial statements due to the ongoing CIRP.

This disclosure ties the insolvency process to compliance timelines, as financial statement finalisation and governance actions can be constrained when the board’s powers are suspended and the process is managed under the IBC framework.

Key events at a glance

Market and investor relevance: disclosures, suspension, and process risk

From a market standpoint, the material flags that Sun Granite Export’s scrip is shown as “Suspended” in BSE Group XT, which limits normal price discovery and trading-based signals for investors. In such cases, the practical flow of information typically shifts to exchange disclosures under LODR and updates from the CIRP process.

The disclosed admitted default of ₹3.96 crore and the moratorium effective August 5, 2026 are central facts for stakeholders because they frame the insolvency context and the legal constraints on actions during CIRP. The confirmation of the RP and the holding of CoC meetings indicate procedural progression, but the material explicitly notes that no operational or strategic revival plan has been disclosed to date.

Why these steps matter under the IBC framework

The admission under Section 7 establishes that the process was initiated by a financial creditor, and the identity of the applicant matters because it anchors the initial claim that triggered the proceeding. The moratorium from August 5, 2026 and suspension of board powers reflect the formal shift in control and legal protections while the insolvency process runs.

The list of creditors and CoC constitution are pivotal because the CoC is the principal decision-making body in CIRP. The first and second CoC meetings, held via video conference, show that the process has moved beyond initial admission into creditor governance, including confirmation of the RP who will run the process going forward.

Conclusion

Sun Granite Export Ltd’s filings across August and September 2026 show a clear sequence: NCLT admission into CIRP on August 5, a moratorium from the same date, claim submission deadlines, creditor list disclosures, and CoC meetings culminating in the confirmation of Raghunath Bhandari as Resolution Professional. The company has also obtained an ROC extension for its AGM, citing CIRP-related practical difficulties in finalising financial statements. The next reference point in the disclosed timeline is the CoC’s continued meetings and any further exchange updates that outline progress under the CIRP framework.