# M/S GLOBE CAPITAL MARKET LIMITED vs. M/S SURYA KIRAN TEXTILES PRIVATE LIMITED

> NCLT judgment dated 2026-09-22. Citation: TCN-2026-NCLT-01077. M/s Globe Capital Market Limited (Operational Creditor) filed an application under Section 9 of…

- **Court:** NCLT
- **Order date:** 22 Sept 2026
- **Citation:** TCN-2026-NCLT-01077
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/ms-globe-capital-market-limited-vs-ms-surya-kiran-textiles-private-limited-3fi4l

## Summary

### Background

M/s Globe Capital Market Limited (Operational Creditor) filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Surya Kiran Textiles Private Limited (Corporate Debtor). The alleged default amounted to Rs. 27,83,59,616.49/- for providing trading platform and services in the equity market and other trading segments. The Corporate Debtor acknowledged the debt but cited financial constraints and raised preliminary objections regarding the application being time-barred and the lack of proper invoices.

## Facts

M/s Globe Capital Market Limited (Applicant/Operational Creditor) filed a Section 9 application against M/s Surya Kiran Textiles Private Limited (Respondent/Corporate Debtor).

The application seeks initiation of CIRP for an alleged default of Rs. 27,83,59,616.49/-.

The debt arose from providing trading platform/services to trade in the equity market and other trading segments.

The Applicant is a Trading-Clearing Member of the National Stock Exchange of India Limited and BSE Limited, registered with SEBI.

The Corporate Debtor approached the Applicant for availing trading platform and services, executing client registration forms and other documents on 18.05.2017.

A trading account with Unique Client Code No. Z93510 was started for the Corporate Debtor.

…

## Issues and analysis

### Issue 1: Whether the application filed by the …

**Ratio:** An application for CIRP is within the limitation period if filed within three years from

…

**Reasoning:** The Tribunal identified a running account between the parties. The date of default and

…

**Interpretation:** The Corporate Debtor's letter dated 09.06.2023 acknowledging the debt

…

**Application:** The application is not

…

## Parties

- **Judges:** Labh S…; Rekha K…
- **Appellants:** M/S GLOBE CAPITAL…
- **Respondents:** M/S SURYA KIRAN…
- **Other parties:** Sanjay…
- **Advocates:** Priyanka…; Mahima Khan…; +1 more

## Timeline

- **2017-05-18 — Client Registration and Trading Account…**: The Corporate Debtor executed a Client Registration Form, Risk Resignation Form, Risk…
- **2021-08-05 — Trades Carr…**: Trades were carried out by the Corporate Debtor, with dues to be settled by 09.08.2021. A…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-kolkata/ms-globe-capital-market-limited-vs-ms-surya-kiran-textiles-private-limited-3fi4l