Sun Granite Export enters CIRP: ₹3.96 cr default (2026)

What the NCLT order means for Sun Granite Export

Sun Granite Export Limited has been admitted into the Corporate Insolvency Resolution Process (CIRP) after an order by the National Company Law Tribunal (NCLT), Cuttack Bench, dated August 5, 2026. The proceeding was initiated on a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016. Minaxi Suppliers Private Limited is named as the financial creditor in the matter, while Sun Granite Export Limited is the corporate debtor. With the admission, a moratorium under Section 14 of the IBC has come into force with effect from August 5, 2026. The company’s disclosure states it was informed of the admission on August 6, 2026. An Interim Resolution Professional (IRP) has been appointed to run the process during the initial phase of CIRP.

Petition details: creditor, debtor, and the Section 7 trigger

The NCLT admission follows a Section 7 petition, which is used by a financial creditor to initiate insolvency proceedings for a corporate debtor upon default. In this case, Minaxi Suppliers Private Limited is identified as the financial creditor. Sun Granite Export Limited is identified as the corporate debtor. The admitted default disclosed in the case details is ₹3.96 crore, stated precisely as ₹3,95,96,011 including interest. The disclosure breaks this into a principal amount of ₹3.55 crore and unpaid interest of ₹0.41 crore (also stated as ₹40,96,011 or ₹0.4096 crore). An interest rate of 9% per annum is referenced in the disclosed details.

Default amount and NPA timeline disclosed in the case

The case details connect the admitted default with an NPA classification date recorded in the creditor’s books. The NPA classification date is disclosed as November 30, 2025. While the admission order date is August 5, 2026, the company states it was informed on August 6, 2026. The disclosure also notes that the moratorium began from August 5, 2026 and will remain in force until completion of CIRP, approval of a resolution plan, or a liquidation order, as applicable under the IBC process. The insolvency admission formalises the resolution framework and shifts the company into a time-bound process supervised by the tribunal.

Moratorium and board suspension: immediate operational implications

Following CIRP admission, the moratorium restricts certain actions, including legal proceedings and asset transfers, as governed by Section 14 of the IBC. 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. This shift is a central feature of CIRP and is intended to preserve value while the resolution process proceeds. Stakeholders typically engage through the process administered by the IRP, including submission and verification of claims.

IRP appointment: Raghunath Bhandari takes charge

NCLT has appointed Mr. Raghunath Bhandari as the Interim Resolution Professional for Sun Granite Export Limited. The IRP registration number disclosed is IBBUIPA-002/IP-N01023/2020-2021/113276. The disclosure also states that the IRP’s AFA is valid until December 31, 2026. With this appointment, the IRP becomes the key administrator for running the CIRP in its initial stage, including coordinating creditor claims and moving toward the constitution of the Committee of Creditors (CoC).

Corrigendum issued on August 7, 2026

A corrigendum dated August 7, 2026 is disclosed, which corrected the petitioner’s name to Minaxi Suppliers Private Limited. The disclosure states the correction did not change the admission directions. Corrigenda in tribunal matters typically address clerical or naming inaccuracies while maintaining the substantive directions of the order. In this case, the underlying admission into CIRP and the moratorium effective date remain aligned with the original order date of August 5, 2026.

Upcoming milestone: first CoC meeting scheduled

The 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 first CoC meeting is an important procedural step in CIRP because it sets the framework for creditor decisions and oversight, including confirmation or replacement of the IRP and key process directions. The note describes this as a critical development and flags high materiality in the context of the company’s situation. This date is one of the few forward milestones explicitly disclosed in the provided information.

Company stance and disclosed background on the lending

The provided details also state that the company disputes the default and claims solvency, citing temporary liquidity issues due to market conditions. At the same time, the NCLT has initiated CIRP, which triggers the moratorium and shifts control to the IRP. The default is described as being related to a loan agreement executed on April 30, 2024. The disclosure further states that ₹3.55 crore of principal was disbursed between October 2024 and January 2025. These disclosures outline the context of the financial claim without altering the fact that the tribunal has admitted the Section 7 petition.

Key identifiers, sector tags, and registered office details

The disclosed identifiers place Sun Granite Export Limited in the Ceramics and Granite sector. The ISIN is stated as INE032M01010. The registered office address is listed as Paniora, P.O. Palaspur, Khurda (also shown as Khordha), Orissa, 752054, India. The company website is disclosed as http://www.sungranite.co.in. The disclosed contact and corporate information also lists directors as H K Mohantay and G K Mohantay, and shows a registrar office address at 6 Mangoe Lane, 2nd Floor, Kolkata, 700 001.

Snapshot table: CIRP admission facts

Why this matters for investors and stakeholders

CIRP admission is a formal shift from a dispute over dues to a tribunal-supervised resolution process with strict timelines and restrictions. For shareholders and counterparties, the moratorium can change the near-term operating and legal environment around the company. The suspension of board powers and transfer of control to the IRP is also a key governance change disclosed in the filing. For creditors, the upcoming CoC meeting date becomes a central marker for engagement. Next updates are expected through CIRP process communications and tribunal-led steps, with the September 3, 2026 CoC meeting standing out as the immediate scheduled milestone disclosed so far.