Sun Granite Export CIRP: NCLT Cuttack order 2026 details

What has happened

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 admission came on a Section 7 petition filed by Minaxi Suppliers Private Limited, identified as the financial creditor in the disclosed case details. The company’s disclosure states it was informed of the admission on August 6, 2026. With the admission, a moratorium under Section 14 of the Insolvency and Bankruptcy Code (IBC) has come into force from August 5, 2026. The development is significant because the insolvency framework now governs key decisions and timelines. Management control is described as transitioning to the insolvency professional appointed by the tribunal.

The NCLT order and the legal basis

The case has been admitted under Section 7 of the IBC, which deals with insolvency applications by financial creditors. The tribunal’s admission sets CIRP in motion and activates the moratorium provisions from the commencement date. As per the disclosed summary, the moratorium started on August 5, 2026, the same date as the order. 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. The disclosure also highlights that the powers of the company’s Board of Directors are stated to be suspended under the CIRP framework. This aligns with the broader CIRP structure where an Interim Resolution Professional (IRP) administers the corporate debtor during the initial phase.

Default amount: principal, interest, and rate mentioned

The admission is based on an admitted default of ₹3.96 crore (₹3,95,96,011 including interest), as stated in the case details. The disclosed breakup includes a principal amount of ₹3.55 crore and unpaid interest of ₹0.41 crore (also presented as ₹0.4096 crore). The interest rate mentioned in the disclosed material is 9% per annum. The disclosure also references an NPA classification date of November 30, 2025 in the creditor’s books. These figures provide the context for why the petition proceeded to admission and why CIRP was triggered.

Moratorium under Section 14: what changes operationally

The moratorium under Section 14 is in effect from August 5, 2026. In practical terms, the company’s disclosure frames this as a halt on legal actions and restrictions on asset transfers during the moratorium period. The moratorium is a central protection within CIRP to preserve value while claims are collated and a resolution plan is considered. The disclosed narrative also notes that control transitions to the insolvency professional. This shift affects how decisions are taken across operations, contracts, and stakeholder interactions, since the IRP becomes the key administrator during the initial CIRP stage.

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 Authorisation for Assignment (AFA) is valid until December 31, 2026. With the appointment, the IRP is positioned as the primary coordinator for creditor claims and the steps leading to the constitution and functioning of the Committee of Creditors (CoC). The material also mentions an IRP deposit requirement of ₹0.02 crore (₹2.00 lakh), to be paid within two weeks of August 5, 2026.

Public announcement and claims timeline

The CIRP process includes a public announcement-led phase for inviting and collating claims. The provided table of public announcements lists a “Public Announcement of Corporate Insolvency Resolution Process” dated 08-08-2026, with the last date of submission stated as 19-08-2026. The same entry identifies Sun Granite Export Limited as the corporate debtor, Minaxi Suppliers Private Limited as the applicant, and Raghunath Bhandari as the insolvency professional. This timeline is an important procedural checkpoint because it frames when stakeholders are expected to submit claims and supporting documents in line with CIRP requirements.

Corrigendum on petitioner name

A corrigendum dated August 7, 2026 is disclosed as correcting the petitioner name to Minaxi Suppliers Private Limited. The material indicates this was a clerical correction and that the substantive directions of the admission order remain unchanged. The disclosure also notes the correction was to replace “Punjab National Bank” with “Minaxi Suppliers Private Limited” as the petitioner. Such corrigenda are relevant for record clarity and filings, especially where multiple parties could otherwise be mistakenly referenced.

Committee of Creditors: first meeting schedule noted

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 CoC is a key decision-making body within CIRP, and its early meetings often focus on confirming the IRP’s appointment, reviewing claims status, and setting process governance. While the disclosure does not describe the agenda, it clearly flags the meeting date as part of the process timeline. The formation and functioning of the CoC is central to how the CIRP proceeds under IBC.

Company identifiers and registered office details

The ISIN is stated as INE032M01010 in the provided material. 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. These identifiers are relevant for investors and stakeholders tracking disclosures and corporate filings related to the insolvency process.

Key facts at a glance

Why this matters for stakeholders

Admission into CIRP changes the governance structure for Sun Granite Export Limited, with the board’s powers stated to be suspended and control moving to the IRP. The moratorium is also a binding legal mechanism that affects enforcement actions and transactions during the process period. For creditors, the public announcement and the claim submission window are central to being recognised in the process. For market participants tracking the company, the disclosed dates, admitted default amount, and CoC meeting schedule provide the near-term procedural milestones. The next updates typically flow through formal CIRP steps, including creditor claims verification and CoC decisions within the IBC framework.

Conclusion

Sun Granite Export Limited’s CIRP commenced following the NCLT Cuttack order dated August 5, 2026, with a moratorium effective from the same date and an admitted default of ₹3.96 crore. Raghunath Bhandari has been appointed as IRP, with his registration number and AFA validity disclosed, and the process includes a stated deposit requirement of ₹0.02 crore. A public announcement dated August 8, 2026 set August 19, 2026 as the last date for submission, and a monitoring note references a first CoC meeting scheduled for September 3, 2026. Further developments will depend on the CIRP steps conducted under NCLT supervision, including claims collation and CoC proceedings.