Sun Granite Export Appoints Resolution Professional

Resolution Professional: Mr. Raghunath Bhandari | Approval Date: September 3, 2026

Reader Takeaway: The appointment formalizes insolvency management under the IBC, suspending board powers while resolution plans are evaluated.

What just happened

Sun Granite Export Ltd has informed the BSE that the Committee of Creditors (CoC) has unanimously approved the appointment of Mr. Raghunath Bhandari as the Resolution Professional (RP). The decision was finalized during a meeting held on September 3, 2026. This appointment is conducted under Section 22(2) of the Insolvency and Bankruptcy Code (IBC), 2016, as part of the company's ongoing Corporate Insolvency Resolution Process (CIRP).

Why this matters

Under the insolvency framework, the appointment of an RP is a major transition point. The management control of Sun Granite Export has been effectively transferred from the Board of Directors to Mr. Bhandari. The RP is now tasked with managing the daily affairs of the corporate debtor, inviting resolution plans from potential investors, and providing regular updates to the Committee of Creditors. For equity holders, this signifies the commencement of a formal, regulated process to determine the company's future.

What changes now

Existing management and board members no longer hold executive decision-making power regarding the company's core operations. All major business decisions and the survival plan for the firm now rest with the RP, under the supervision of the CoC and the oversight of the NCLT. Shareholders should expect periodic updates regarding claim settlements and the eventual outcome of the bidding process.

Risks to watch

As the company is currently under CIRP, there is significant uncertainty regarding the valuation of equity and the possibility of delisting or restructuring. Future resolution outcomes may lead to substantial changes in capital structure or liquidation, both of which carry high risk for retail shareholders.

What to track next

Investors should monitor future BSE filings for disclosures regarding submitted resolution plans, the final decision of the Committee of Creditors on any revival proposal, and potential directives from the National Company Law Tribunal.