Sun Granite Export Ltd has confirmed the conclusion of the first Committee of Creditors meeting held on September 3, 2026. The committee has officially appointed Raghunath Bhandari as the Resolution Professional and finalized remuneration structures, marking a key procedural step in the ongoing Corporate Insolvency Resolution Process.
Sun Granite Export Ltd Reports Progress in Insolvency Process
The company conducted its first Committee of Creditors (CoC) meeting on September 3, 2026, officially appointing Raghunath Bhandari as the Resolution Professional (RP).
Reader Takeaway: The CIRP process advances with the formal appointment of an RP; investors should monitor for future resolution plans.
What just happened
Sun Granite Export Ltd held its inaugural Committee of Creditors meeting via video conference. The primary objective was to formalize the administrative and legal framework for the ongoing Corporate Insolvency Resolution Process (CIRP). During this session, the CoC reviewed the status of claims filed with the Interim Resolution Professional and evaluated the operational progress made to date.
Why this matters
The appointment of the Resolution Professional is a critical milestone in any insolvency proceeding. With the formal ratification of Raghunath Bhandari as the RP and the approval of his remuneration, the company is now structured to proceed with the next phases of the insolvency resolution, including the invitation and evaluation of resolution plans for the debt-laden entity.
What changes now
The transition from an Interim Resolution Professional to a formal Resolution Professional signals that the CIRP is moving from the initial setup phase toward the active management and potential restructuring phase. Creditors and stakeholders will now look toward the submission of resolution plans to determine the future path of the company's assets and liabilities.
Risks to watch
As the company remains under CIRP, significant uncertainty exists regarding the recovery value for shareholders and creditors. The final outcome of the resolution plan and potential liquidation risks are the primary concerns for market participants following this stock.
Professional Details
The insolvency process is currently being managed by Raghunath Bhandari, whose IBBI registration number is IBBI/IPA-002/IP-N01023/2020-2021/13276. His Authorization for Assignment (AFA) is valid through December 31, 2026.