Sun Granite Export CIRP: NCLT admits ₹3.96cr default

What the NCLT order means for Sun Granite Export

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 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, while Sun Granite Export Limited is the corporate debtor.

The admission triggers a moratorium with effect from August 5, 2026. The company was informed about the admission on August 6, 2026, as disclosed in the case details. Alongside the CIRP commencement, an Interim Resolution Professional (IRP) has been appointed to run the process.

Petition under Section 7 and the admitted default

The NCLT admission is based on an admitted default of ₹3,95,96,011, including interest. In rounded terms, the admitted default is presented as ₹3.96 crore. The disclosed split shows ₹3.55 crore as principal and ₹0.4096 crore as unpaid interest (rounded to ₹0.41 crore).

The case details also mention an interest rate of 9% per annum. This matters because it clarifies how the creditor’s claim has been computed and what portion of the outstanding is attributed to interest versus principal. The petition’s admission indicates the tribunal found the threshold conditions for initiating CIRP under Section 7 to be met.

Moratorium from August 5, 2026

With the CIRP admission, a moratorium has commenced from August 5, 2026. The moratorium is a key procedural outcome of admission under the Insolvency and Bankruptcy Code framework, and it typically acts as a legal pause on certain actions during the resolution process.

In the public announcement context, the CIRP admission is also tied to inviting claims from creditors. The provided text describes a “Public Announcement made pursuant to the order passed by NCLT under section 13 of Insolvency Code for inviting claim from creditors,” linking the admission order to the next steps in the process.

Interim Resolution Professional appointed

The CIRP has commenced with Raghunath Bhandari appointed as the Interim Resolution Professional. Separately, the IRP registration number is disclosed as IBBUIPA-002/IP-N01023/2020-2021/113276.

The IRP role becomes central once the petition is admitted, because the CIRP process shifts to a regulated, time-bound track with formal oversight. The disclosure of the registration number is relevant for identification and verification in the insolvency ecosystem.

Corrigendum order on August 7, 2026

A subsequent corrigendum order dated August 7, 2026 corrected a clerical error in the original order. The correction replaced “Punjab National Bank” with “Minaxi Suppliers Private Limited” as the petitioner.

The disclosed text states that the substantive directions of the admission order remain unchanged. This is important because the corrigendum is presented as an administrative correction rather than a modification of the core admission decision or its consequences.

NPA classification date in creditor’s books

The case information notes that the loan was classified as a non-performing asset (NPA) on November 30, 2025 in the creditor’s books. This date provides timeline context for how long the account was treated as stressed before the insolvency petition was admitted by the tribunal.

While the petition admission date is August 5, 2026, the NPA classification date highlights that the financial stress, at least as recorded by the creditor, predates the CIRP commencement.

Company position: dispute and liquidity explanation

The provided text also indicates that the company disputes the default and claims solvency, citing temporary liquidity issues due to market conditions. Despite this stated position, the NCLT has initiated CIRP, triggering a moratorium.

This contrast between the company’s stated position and the tribunal’s admission outcome is a common point of focus in insolvency matters. However, based on the disclosed information, the legal outcome at this stage is the commencement of CIRP and appointment of the IRP.

Snapshot: other Form G timelines published for CIRP cases

The article data also lists several corporate debtors where Form G-related timelines are disclosed, including last dates for receipt of expression of interest (EOI) and related milestones. These entries show how the CIRP ecosystem continues to publish Form G invitations and schedules across sectors and regions.

Key case facts for Sun Granite Export (as disclosed)

The core, disclosed details around the admission order can be summarised as follows.

Company identifiers and address on record

The disclosed identifiers place Sun Granite Export Limited in the Ceramics and Granite sector. The ISIN is stated as INE032M01010. The address listed is Paniora, P.O. Palaspur, Khordha, Orissa, postal code 752054, India. The website is provided as http://www.sungranite.co.in.

These identifiers are useful for investors and stakeholders tracking disclosures, insolvency milestones, and corporate records tied to the CIRP process.

Why this admission matters for markets and the IBC process

The admission shows that a Section 7 petition by Minaxi Suppliers Private Limited has resulted in CIRP initiation for a reported default of ₹3.96 crore. The disclosed narrative also characterises the creditor as a “small financial creditor” in the context of the default size, highlighting that IBC access is not limited to very large lenders.

From a process perspective, the key immediate outcomes are the moratorium from August 5, 2026, the public-announcement step to invite claims, and the appointment of an IRP with a disclosed registration number. The next milestones will typically depend on the CIRP schedule and the actions taken during the claims and verification phase.

Conclusion

Sun Granite Export Limited’s admission into CIRP by NCLT Cuttack is based on an admitted default of ₹3.96 crore, comprising ₹3.55 crore principal and ₹0.41 crore unpaid interest, with a moratorium effective from August 5, 2026. A corrigendum dated August 7, 2026 corrected the petitioner’s name to Minaxi Suppliers Private Limited without changing the admission directions. The process will now move through the CIRP framework under the appointed IRP, including the public-announcement-led step of inviting and collating creditor claims.