Sun Granite Export CIRP Begins: Key Dates in 2026

What the NCLT order means for Sun Granite Export

Sun Granite Export Limited has been admitted into the Corporate Insolvency Resolution Process (CIRP) following an order by the National Company Law Tribunal (NCLT), Cuttack Bench, dated August 5, 2026. The case has been admitted under a Section 7 petition of the Insolvency and Bankruptcy Code, 2016. Minaxi Suppliers Private Limited is named as the financial creditor, while Sun Granite Export Limited is the corporate debtor. The admission triggers a moratorium with effect from August 5, 2026. The material also states that the powers of the company’s Board of Directors stand suspended after the CIRP admission. The company was informed about the admission on August 6, 2026, as reflected in the case details disclosed in the provided text. Alongside the CIRP commencement, an Interim Resolution Professional (IRP) has been appointed to run the process.

Section 7 petition and the admitted default

The CIRP admission is linked to an admitted default of ₹3.96 crore, stated as ₹3,95,96,011 including interest. The breakup disclosed includes principal of ₹3.55 crore and unpaid interest of about ₹0.41 crore (also shown as ₹0.4096 crore). The interest rate mentioned in the same material is 9% per annum. The creditor’s books reportedly classified the account as a non-performing asset (NPA) on November 30, 2025. While the company’s stated position in the provided text is that it disputes the default and claims solvency, citing temporary liquidity issues due to market conditions, the legal outcome at this stage remains the admission of CIRP. As per the disclosed information, the process has moved forward with a moratorium and appointment of an IRP. The numbers and dates above are the core factual markers disclosed around the order.

Moratorium from August 5, 2026 and board suspension

The moratorium is described as remaining in force until completion of CIRP, approval of a resolution plan, or a liquidation order, as applicable under the process. This moratorium starts from August 5, 2026, the same date as the NCLT admission order. The disclosure also states that the powers of the Board of Directors are suspended after the admission into CIRP. In practice, during this phase, key control shifts from the board to the insolvency professional under the framework of the Insolvency and Bankruptcy Code. The provided material does not list operational actions taken by the company after the order. It also does not specify any changes to business continuity arrangements. What it clearly establishes is the legal status of CIRP admission and the moratorium being active from the order date.

IRP appointment and professional details disclosed

The CIRP has commenced with Raghunath Bhandari appointed as the Interim Resolution Professional. The IRP registration number is disclosed as IBBUIPA-002/IP-N01023/2020-2021/113276. The IRP’s role in the early stage of CIRP includes receiving and verifying claims and setting up the Committee of Creditors (CoC), based on the insolvency framework. The provided text does not include additional details such as the IRP’s initial report, claims admitted, or whether any interim finance has been considered. It also does not mention any operational creditors by name beyond the financial creditor that filed the petition. Still, the appointment details are relevant because they anchor accountability for process management and immediate governance.

Public announcement and claims submission deadline

A public announcement dated August 8, 2026 set August 19, 2026 as the last date for submission of claims, as referenced in the provided material. This date is part of the standard procedural timeline in CIRP for inviting claims from creditors. The text does not provide the number of claims received or verified as of the monitoring note date. It also does not provide any list of creditor categories or amounts beyond the admitted default noted in the petition details. However, the public announcement date and the last date for submission are explicitly disclosed and help outline how the process timeline is progressing. These dates typically precede the first CoC meeting, where creditor representation and voting shares are determined.

First CoC meeting scheduled for September 3, 2026

A monitoring note dated August 28, 2026 references a scheduled first Committee of Creditors (CoC) meeting for Sun Granite Export Ltd on September 3, 2026. The note flags this as a critical development and indicates high materiality in the context of the company’s situation. The CoC is a key decision-making body within CIRP, and early meetings commonly focus on confirming the IRP’s appointment, reviewing claims status, and agreeing on process governance. The provided text highlights the first CoC meeting date as one of the few forward milestones explicitly disclosed. It does not, however, provide the proposed agenda, expected voting outcomes, or whether any replacement of the IRP is being considered. Even without those details, the scheduled meeting date marks a concrete next step in the CIRP timeline disclosed so far.

Key identifiers: ISIN, registered office, and exchange codes

The ISIN stated in the provided material is INE032M01010. The registered office address is listed as Paniora, P.O. Palaspur, Khordha, Orissa, postal code 752054, India. The website is provided as http://www.sungranite.co.in. The company is described in the material as being in the granites and marbles space, and it is also referenced as a natural stone export company located in Khordha, India. The market identifiers shown include BSE Code 531013 and NSE Code listed as 0 in the provided content. The text also shows a price point of ₹12.12 with a change of -0.63 (-4.94%), but it does not specify the timestamp for that quote. Shareholding percentages are also listed in the provided material as promoters 23.63%, institutions 3.59%, and public 72.78%.

Snapshot table: dates, parties, and disclosed amounts

Market impact and what investors can track next

The provided material shows the stock price at ₹12.12, down 4.94%, but it does not give a date or time for this market snapshot. The entry into CIRP and the moratorium are typically material events for listed companies because they change governance and creditor oversight, which is also reflected in the note describing high materiality. In the disclosed information, the most immediate market-relevant milestones are procedural: the claims submission deadline (August 19, 2026) and the first CoC meeting (September 3, 2026). Investors and other stakeholders usually monitor whether the CoC confirms the IRP, whether the creditor list stabilises, and what process timelines are set, but these outcomes are not provided in the current text. The material does confirm that the board’s powers are suspended after admission, which signals that management control is constrained under the insolvency framework. The disclosed default amount and its breakup also provide a clear reference point for the petition that triggered the process.

Why the scheduled CoC meeting matters in this case

The scheduled first CoC meeting is important because it is the first structured forum where creditors exercise oversight and make time-bound decisions under CIRP. The provided note explicitly frames it as a critical development and flags high materiality. The early CoC phase commonly sets the tone for process governance, including how frequently the CoC will meet and what immediate verification steps remain, although the text does not list these decisions. Another relevant disclosed point is the corrigendum dated August 7, 2026 that corrected the petitioner’s name to Minaxi Suppliers Private Limited without changing the admission directions. That indicates the admission order remained intact while correcting a procedural detail. Separately, the company’s stated dispute of default and assertion of solvency due to temporary liquidity issues is noted in the provided material, but there is no additional information on any challenge outcome. At this stage, the timeline anchored by the first CoC meeting date is the clearest forward marker in the disclosed information.

Conclusion

Sun Granite Export Limited’s CIRP began with the NCLT Cuttack order dated August 5, 2026, triggering a moratorium from the same date and suspending the board’s powers. The petition is linked to an admitted default of ₹3.96 crore, with the IRP named as Raghunath Bhandari. A public announcement dated August 8, 2026 set August 19, 2026 as the last date for claim submissions. The next disclosed milestone is the first CoC meeting scheduled for September 3, 2026, as referenced in a monitoring note dated August 28, 2026. Further process direction, including creditor decisions taken in the CoC, would depend on proceedings and outcomes beyond what is included in the provided material.