BSESun Granite Export LtdCriticalNegative
Announced Fri, 7 Aug · 18:59 IST
NCLT corrigendum to CIRP admission order against Sun Granite Export
Price reaction · full curve
Awaiting price reaction for this filing.
AI summary
NCLT Cuttack issued a corrigendum fixing a clerical error in its August 5 order admitting insolvency against Sun Granite Export. The original order wrongly named Punjab National Bank as petitioner; the correct petitioner is Minaxi Suppliers Private Limited, an NBFC that advanced about Rs 3.55 crore. The substantive ruling stands unchanged: Section 7 petition admitted, Corporate Insolvency Resolution Process commenced, and Interim Resolution Professional Raghunath Bhandari appointed. Default amount claimed is about Rs 3.96 crore.
Likely market impact
CIRP formally commenced. Moratorium on asset transfers and recoveries in place. Board powers suspended. Shareholders face potential resolution plan or liquidation.