# MINAXI SUPPLIERS PRIVATE LIMITED VERSUS SUN GRANITE EXPORT LIMITED

> NCLT judgment dated 05.08.2026. Citation: TCN-2026-NCLT-00783. The National Company Law Tribunal (NCLT), Cuttack Bench, admitted the application (CP (IB) No.…

- **Court:** NCLT
- **Order date:** 8 May 2026
- **Citation:** TCN-2026-NCLT-00783
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-cuttack/minaxi-suppliers-private-limited-versus-sun-granite-export-limited-witde

## Summary

### Background

The National Company Law Tribunal (NCLT), Cuttack Bench, admitted the application (CP (IB) No. 14/CB/2026) filed by Minaxi Suppliers Private Limited (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, initiating the Corporate Insolvency Resolution Process (CIRP) against Sun Granite Export Limited (Corporate Debtor). The NCLT found a valid financial debt of Rs. 3,55,00,000/- (principal) and a total outstanding of Rs. 3,95,96,011/- (including interest) existed, and the Corporate Debtor had defaulted on its repayment obligations by 30.06.2025. The Tribunal rejected the Corporate Debtor's objections, clarifying that alternative documentary evidence was sufficient despite the absence of an Information Utility record, and dismissed a

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## Facts

Minaxi Suppliers Private Limited (Applicant/Financial Creditor) filed an application under Section 7 of the IBC, 2016, on 06.02.2026, for initiating CIRP against Sun Granite Export Limited (Respondent/Corporate Debtor).

The alleged default amount is Rs. 3,95,96,011/-, including interest calculated as on 30.11.2025.

The stated date of default by the applicant is 30.06.2025.

The Applicant is a private limited Non-Banking Finance Company (NBFC) registered under the Companies Act, 2013, and Section 45I of the Reserve Bank of India Act, 1934.

The Respondent is a Public listed Non-Government Company incorporated under the Companies Act, 1956, engaged in trading of commodities, real estate, and manufacturing/polishing of granite slabs.

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## Issues and analysis

### Issue 1: Whether there exists a valid …

**Ratio:** An advance of money against the consideration for the time value of money squarely

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**Reasoning:** The Adjudicating Authority relied on the formal Loan Agreement dated 30.04.2024, which

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**Interpretation:** The transaction clearly involved the disbursement of funds with a stipulated

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**Application:** The debt owed by Sun Granite Export Limited to Minaxi Suppliers Private Limited

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## Parties

- **Judges:** Sh. Cheekati…; Banwari Lal…
- **Appellants:** MINAXI SUPPLIERS…
- **Respondents:** SUN GRANITE…
- **Other parties:** CS Raghunath…; Promo…; +1 more
- **Advocates:** PRABASH CHANDRA…; IRA MI…; +1 more

## Timeline

- **14.06.2022**
- **April 2024**

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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