Sun Granite Export CIRP Update: CoC Appoints RP 2026

Sep 25, 2026•3 min read

What has been disclosed

Sun Granite Export Limited has moved deeper into the Corporate Insolvency Resolution Process (CIRP) after a series of disclosures spanning August and September 2026. The company has informed the stock exchange that its Committee of Creditors (CoC), in a meeting held on September 3, 2026, unanimously approved the appointment of Mr. Raghunath Bhandari as the Resolution Professional (RP). The filing places the appointment under Section 22(2) of the Insolvency and Bankruptcy Code, 2016 (IBC).

This follows the company’s earlier admission into CIRP by the National Company Law Tribunal (NCLT), Cuttack Bench, through an order dated August 5, 2026. The admission triggered a moratorium under Section 14 of the IBC with effect from the same date. The company also disclosed that it was informed of the admission on August 6, 2026.

NCLT admission and the stated default

The insolvency case is linked to an admitted default of ₹3,95,96,011 (including interest), which is about ₹3.96 crore. The NCLT admission was under a Section 7 petition, as disclosed in the provided material. The petition was filed by Minaxi Suppliers Private Limited, identified as the financial creditor.

The default date is stated as June 30, 2025, described as the date by which the entire principal and interest were to be repaid under the loan agreement. Separately, the loan is also described as having been classified as a non-performing asset (NPA) since November 2025. These dates frame the timeline of financial stress that preceded the CIRP admission.

Corrigendum order and what it changed

A subsequent corrigendum order dated August 7, 2026 corrected a clerical error in the original NCLT order. Specifically, it replaced “Punjab National Bank” with “Minaxi Suppliers Private Limited” as the petitioner. The disclosure notes that the substantive directions of the admission order remained unchanged.

This matters for process clarity because CIRP filings are closely tracked by creditors and market participants, and creditor identity is central to the case record. The correction, as described, does not alter the fact of admission or the commencement of CIRP.

Moratorium and board powers during CIRP

With CIRP admission on August 5, 2026, a moratorium under Section 14 came into force from the same date. The provided information also states that the moratorium coincided with suspension of the board’s powers. In practice, these steps are designed to preserve the corporate debtor’s assets and create a regulated process for claims verification and decision-making.

The company’s situation is now governed by IBC procedures and timelines, with the CoC and the insolvency professional having a central role in process control. The disclosures indicate the process has moved from admission to early governance milestones.

A public announcement dated August 8, 2026 set August 19, 2026 as the last date for submission of claims. This is an important early CIRP event because it sets a cut-off for creditors to submit and support their claims.

Later, on August 27, 2026, Sun Granite Export Ltd disclosed its list of creditors as of that date. The company stated that the Interim Resolution Professional (IRP) had constituted the CoC based on verified claims. The disclosure also noted that the list of creditors is subject to revision or updation from time to time, and that the report certifying constitution of the CoC was being filed with the NCLT.

First CoC meeting and the RP appointment

A monitoring note dated August 28, 2026 referenced a scheduled first CoC meeting for September 3, 2026 and flagged it as a critical development with high materiality. The September 3 meeting date then appears again in the company’s filing dated September 7, 2026, confirming that the CoC met on September 3 and approved the RP appointment.

The company disclosed that Mr. Raghunath Bhandari was unanimously approved as Resolution Professional to conduct the CIRP. It also provided professional details including the RP’s IP registration number (IBBI/IPA_002/IP_NO1623/2020-2021/13216) and stated that the Authorisation for Assignment (AFA) is valid up to 31.12.2026. The correspondence address disclosed for the RP is 402, 4th Floor, ‘A’ Wing, Pushp Vinod No.2, S.V. Road, Borivali West, Mumbai - 400 092.

The provided material shows a market snapshot of 12.12 with a change of -0.63 (-4.94%). No analyst rating data and no share price forecast data were shown in the provided content.

Separately, an AGM-related note stated that a quorum count was inadvertently mentioned as 34 members whereas the actual number present at the AGM was 35 members. The material also listed member compliance support contact numbers: a toll-free number 1800 266 0050 (Select IVR option 3) and charged numbers 022 68645400 / 022 50998100 (Select IVR option 3). While not directly tied to CIRP, these items appear as part of the broader compliance and disclosure trail.

Key facts table

Item	Detail (as disclosed)
NCLT admission order	August 5, 2026 (NCLT, Cuttack Bench)
Company informed of admission	August 6, 2026
Moratorium	Effective August 5, 2026 (Section 14)
Petition type	Section 7, IBC
Financial creditor (corrected)	Minaxi Suppliers Private Limited (corrigendum dated August 7, 2026)
Default amount	₹3,95,96,011 (about ₹3.96 crore, incl. interest)
Default date stated	June 30, 2025
Claims last date (public announcement)	August 19, 2026 (announcement dated August 8, 2026)
Creditor list disclosure	August 27, 2026
First CoC meeting (reported)	September 3, 2026
CoC decision on RP	Unanimously approved (meeting held September 3, 2026; filing dated September 7, 2026)

Why the RP appointment matters in the CIRP workflow

The RP appointment is a formal governance step because the CoC’s decision under Section 22(2) determines who will run the process going forward. The disclosures also signal that the CoC has been constituted based on verified claims and is meeting to take procedural decisions.

The company’s filings repeatedly frame these as high-materiality developments, reflecting that insolvency proceedings can affect operations, creditor recoveries, and shareholder outcomes. However, the provided information does not disclose any resolution plan, bidding timeline, or outcome, and therefore does not support conclusions beyond the procedural status.

Conclusion

Sun Granite Export Limited’s disclosures show a clear early-stage CIRP timeline: NCLT admission on August 5, 2026, claim submission deadline set for August 19, 2026, creditor list disclosure on August 27, 2026, and a first CoC meeting on September 3, 2026. The latest key step is the CoC’s unanimous approval of Mr. Raghunath Bhandari as Resolution Professional, as disclosed in the September 7, 2026 filing. The next updates, if any, are likely to come through further exchange disclosures linked to CIRP milestones and CoC decisions.

Frequently Asked Questions

The company was admitted into CIRP by the NCLT, Cuttack Bench, on August 5, 2026, linked to an admitted default of about ₹3.96 crore (₹3,95,96,011 including interest).

A moratorium under Section 14 of the IBC came into force with effect from August 5, 2026, the date of the NCLT admission order.

The Committee of Creditors unanimously approved Mr. Raghunath Bhandari as the Resolution Professional in its meeting held on September 3, 2026, as disclosed in the company’s September 7, 2026 filing.

A public announcement dated August 8, 2026 set August 19, 2026 as the last date for submission of claims.

It corrected a clerical error by replacing “Punjab National Bank” with “Minaxi Suppliers Private Limited” as the petitioner, while keeping the substantive directions of the admission order unchanged.