Sun Granite Export CIRP: ₹3.96 crore default in 2026

NCLT Cuttack admits Section 7 plea

Sun Granite Export Limited has been admitted into the Corporate Insolvency Resolution Process (CIRP) after the National Company Law Tribunal (NCLT), Cuttack Bench, passed an order on August 5, 2026. The petition was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 by Minaxi Suppliers Private Limited, which is named as the financial creditor. Sun Granite Export Limited is the corporate debtor in the proceeding. The order triggers the formal insolvency framework under the IBC, shifting the company into a time-bound resolution process. The company disclosure states it was informed of the tribunal order on August 6, 2026. With admission of the petition, a moratorium under the IBC also commenced from the order date. The matter links a prior NPA classification in the creditor’s books to the tribunal’s admission of default.

What the admission order changes operationally

Following admission into CIRP, the moratorium under Section 14 of the IBC is in force from August 5, 2026. As described in the disclosure, the moratorium halts legal actions and restricts asset transfers during the CIRP period, consistent with the IBC framework. The disclosure also states that the powers of the company’s Board of Directors are suspended after the CIRP admission. Management control transitions to the insolvency professional appointed by the tribunal. Operational and strategic decisions are to be taken by the insolvency professional under tribunal supervision through the CIRP. The moratorium remains effective until the CIRP concludes, a resolution plan is approved, or a liquidation order is passed, as applicable. These steps are process-driven and proceed through prescribed milestones under the IBC.

Admitted default: principal, interest, and rate referenced

The admitted default amount stated in the material is ₹3.9596 crore (₹3.96 crore rounded). This comprises ₹3.55 crore of principal and ₹0.4096 crore of unpaid interest. The interest rate referenced in the case material is 9% per annum. The disclosure also presents the default as ₹3,95,96,011, which corresponds to ₹3.9596 crore. The figures are cited as the basis for CIRP admission in the NCLT proceedings. The same disclosure notes the corporate debtor disputed the default, stating it was solvent and faced temporary liquidity constraints due to market conditions, and also alleged procedural defects in the petition. Despite the dispute, the tribunal admitted the petition and initiated CIRP.

Loan agreement and disbursement period cited

The default is linked to a loan agreement executed on April 30, 2024, as mentioned in the disclosure. The principal of ₹3.55 crore was disbursed in tranches between October 2024 and January 2025. A more detailed reference in the material also mentions disbursement tranches between October 15, 2024 and January 18, 2025. The case narrative ties the outstanding amount to the creditor’s records and the stated interest terms. The disclosure further notes that the loan was classified as a Non-Performing Asset (NPA) in the financial creditor’s books on November 30, 2025. This NPA classification date is presented as a key marker of stress prior to the tribunal’s August 2026 admission order.

Interim Resolution Professional appointed and compliance details

NCLT has appointed Mr. Raghunath Bhandari as the Interim Resolution Professional (IRP) for Sun Granite Export Limited. His registration number is stated as IBBUIPA-002/IP-N01023/2020-2021/113276. The disclosure also notes that the IRP’s Authorisation for Assignment (AFA) is valid until December 31, 2026. A separate compliance point mentioned in the material is an IRP deposit requirement of ₹0.02 crore (₹2.00 lakh), to be paid within two weeks of August 5, 2026. With this appointment, control of the corporate debtor is described as moving to the IRP, who will manage operations, safeguard assets, and run the claims process in line with the IBC. Further steps, including inviting claims and progressing toward a resolution plan, are expected to follow the CIRP workflow under tribunal oversight.

Company profile and registered office noted in the disclosure

Sun Granite Export Limited is described as being engaged in exporting granite and marble, and also producing granite products such as slabs, tiles, vanity tops, and counters. The registered office address provided is Paniora, P.O. Palaspur, Khurda - 752054, Orissa. The disclosure includes the company’s CIN as L14102OR1991PLC002834. The material contains two incorporation references: one section states the company was incorporated on May 30, 1991, while another extract in the same compilation mentions December 30, 1991. The company is described as a public company and the status is shown as active in the referenced details. The authorised share capital is stated as ₹11.00 crore and paid-up capital as about ₹10.68 crore (also shown as ₹10.7 crore in the material). These corporate details sit alongside the insolvency update and provide context for readers tracking the company’s regulatory and financial position.

What this means for creditors and other stakeholders

For creditors, the CIRP admission shifts recovery efforts into a structured process, with claim collation and verification expected to be handled by the IRP. The moratorium provides a standstill period intended to preserve value while the resolution process is conducted. For customers and suppliers, the immediate implication is that company decisions and payments follow the CIRP process and approvals under the insolvency framework. For shareholders and market participants, the disclosure’s key change is governance-related: the board’s powers are suspended and control shifts to the IRP. The material also indicates that the next confirmed steps depend on CIRP milestones, including potential transition from IRP to a Resolution Professional and eventual consideration of a resolution plan. Outcomes beyond these process steps are not stated and will depend on tribunal-supervised progress.

Key case details (as disclosed)

Timeline of the case mentioned in the material

Conclusion

Sun Granite Export Limited’s admission into CIRP by NCLT Cuttack is based on an admitted default of ₹3.96 crore, split between ₹3.55 crore principal and ₹0.41 crore unpaid interest, with a moratorium effective from August 5, 2026. The tribunal has appointed Mr. Raghunath Bhandari as IRP, and the board’s powers are stated to be suspended under the CIRP framework. The next confirmed developments will come through CIRP milestones, including creditor claim processes and further NCLT directions as the case proceeds under tribunal supervision.