Minaxi Suppliers Private Limited Vs Sun Granite Export Limited (NCLT Cuttack)
Summary: The National Company Law Tribunal, Cuttack Bench, considered an application filed on 06.02.2026 by Minaxi Suppliers Private Limited, a Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016 read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, seeking initiation of Corporate Insolvency Resolution Process against Sun Granite Export Limited, the Corporate Debtor. The Applicant stated a default of Rs. 3,95,96,011/-, including interest calculated up to 30.11.2025, with the date of default stated as 30.06.2025.
The Financial Creditor submitted that the Corporate Debtor had approached it for financial assistance and that, pursuant to the parties’ Board Resolutions, a Loan Agreement dated 30.04.2024 was executed under which a loan of up to Rs. 4,00,00,000/- could be advanced at 9% per annum. The Applicant stated that Rs. 3,55,00,000/- was actually disbursed in multiple tranches between 15.10.2024 and 18.01.2025. According to the Applicant, the Corporate Debtor subsequently confirmed an outstanding principal liability of Rs. 3,55,00,000/- through a Balance Confirmation Letter dated 28.05.2025. The Applicant further relied upon communications dated 01.06.2025 and 21.09.2025, in which the Corporate Debtor allegedly acknowledged its inability to repay because of adverse market conditions and sought extensions.
