NCLT admits petition seeking CIRP initiation; company appeals to NCLAT
NCLT Ahmedabad has admitted a petition by Asier Metals Private Limited seeking initiation of CIRP against the company, over an alleged operational debt of ₹2.79 crore.
- Alleged Operational Debt
- ₹2.79 crore
- Materiality Threshold (FY 2026-27)
- ₹ 109.28 crore
- NCLAT Hearing Date
- October 09, 2026
What the disclosure is about
The company has informed the exchanges about the order of the National Company Law Tribunal, Ahmedabad Bench, dated October 07, 2026, admitting a petition shared by Asier Metals Private Limited. The petition, under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeks initiation of the Corporate Insolvency Resolution Process against the company, in respect of an alleged operational debt of ₹2.79 crore arising from a commercial dispute relating to supply of aluminium ingots.
Where the case stands now
The company has shared an appeal before the National Company Law Appellate Tribunal, and the hearing is scheduled on October 09, 2026.
What the applicant claims
- The petition was registered on 11.09.2026 and claims an alleged default of Rs.2,78,70,157.22/-.
- Invoices raised for supplies aggregate to Rs.34,16,58,360/-, against which payments of Rs.30,96,58,356.29/- are stated as received.
- Credit notes of Rs.1,87,24,665/- form part of the computation, resulting in an outstanding of Rs.2,77,93,457.22/-.
- A further Rs.76,700/- is stated as outstanding under another transaction, taking the aggregate claim to Rs.2,78,70,157.22/-.
- The date of default is stated as 26.06.2026.
How the matter progressed
- The applicant states its business relationship with the company began in June 2020, with payment terms stated to be advance along with the purchase orders.
- A statutory demand notice in Form-3 dated 06.08.2026 claims Rs.2,78,70,157.22/-.
- The petition was shared on 24.08.2026.
- In correspondence, the company on 22.07.2026 disputed the amount and stated that nothing was payable, referring to credit-note adjustments, reconciliation and an alleged detention/demurrage credit note.
How the company views the amount
- The company states the materiality threshold under Regulation 30(4) of the SEBI (LODR) Regulations, 2015 for FY 2026-27 is ₹ 109.28 crores.
- It has said the alleged operational debt of ₹2.79 crore is insignificant and less than this threshold, and that it did not expect any material impact on its financials or business operations from the order.
What to track
The NCLAT hearing scheduled on October 09, 2026 is the next stated step in the matter.
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More numbers
- Alleged operational debt₹2.79 crore
- Claimed operational debt/defaultRs.2,78,70,157.22/-
- Materiality threshold FY 2026-27 under Reg. 30(4)₹ 109.28 crores
- Invoices raised for suppliesRs.34,16,58,360/-
- Payments stated as receivedRs.30,96,58,356.29/-
- Credit notesRs.1,87,24,665/-
- Outstanding after adjustmentsRs.2,77,93,457.22/-
- Amount stated outstanding under another transactionRs.76,700/-
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