# Grimus Exports Private Limited vs. Sunima Steel Marketing Private Limited

> NCLT judgment dated 2026-07-08. Citation: TCN-2026-NCLT-00614. Grimus Exports Private Limited (Financial Creditor) filed a Section 7 IBC petition against…

- **Court:** NCLT
- **Order date:** 8 Jul 2026
- **Citation:** TCN-2026-NCLT-00614
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/grimus-exports-private-limited-vs-sunima-steel-marketing-private-limited-l0c0l

## Summary

### Background

Grimus Exports Private Limited (Financial Creditor) filed a Section 7 IBC petition against Sunima Steel Marketing Private Limited (Corporate Debtor) for initiating Corporate Insolvency Resolution Process (CIRP) due to a default in repayment of a financial debt amounting to Rs. 1,68,70,238/-. The Corporate Debtor had obtained a hand loan from the Financial Creditor in multiple tranches between June 2021 and March 2022 to meet working capital requirements, agreeing to an interest rate of 9% per annum.

## Facts

Grimus Exports Private Limited (Financial Creditor/Applicant) filed a company petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Sunima Steel Marketing Private Limited (Corporate Debtor/Respondent).

The petition sought to initiate Corporate Insolvency Resolution Process (CIRP) due to a default in repayment of a financial debt amounting to Rs. 1,68,70,238/-.

The Corporate Debtor faced a severe financial crunch post-COVID-19 in June 2021 and approached the Financial Creditor for a hand loan to meet its working capital requirements.

The Financial Creditor extended a hand loan aggregating to Rs. 1,44,50,000/- in multiple tranches between 16.06.2021 and 28.03.2022, with an agreed interest of 9% per annum, recoverable on demand.

…

## Issues and analysis

### Issue 1: Whether the hand loan extended by Grimus Exports Private Limited to Sunima Steel Marketing Private …

**Ratio:** A debt qualifies as "financial debt" if there is a disbursal of money to the

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**Reasoning:** The Ld. Counsel for the Applicant submitted that the hand loan, coupled with an agreement

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**Interpretation:** Section 5(8) of the IBC is interpreted broadly to include any debt disbursed

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**Application:** The hand loan of Rs. 1,44,50,000/- extended by Grimus Exports Private Limited

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## Parties

- **Judges:** BIDISHA BA…; Rekha Kantilal…
- **Appellants:** Grimus Exports…
- **Respondents:** Sunima Steel…
- **Other parties:** Tanveer…
- **Advocates:** Mateen…

## Timeline

- **2021-06 — Financial…**: Sunima Steel Marketing Private Limited faced…
- **2021-06-16 — Hand Loan E…**: Grimus Exports Private Limited extended a hand loan of Rs. 1,44,50,000/- to Sunima Steel…

## 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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