Intimation of Admission of Corporate Insolvency Resolution Process (CIRP) under section 9 (5) of Insolvency and Bankruptcy Code, 2016
ASTRON · price
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Astron Paper & Board Mill Limited has been admitted into Corporate Insolvency Resolution Process (CIRP) by the NCLT, Ahmedabad on 11th May 2026. The petition was filed by Australian company Empire Sony PTY Limited (operational creditor) claiming an unpaid debt of Rs. 1.78 crore (USD 214,446) for corrugated paper supplies delivered between September-October 2023. Despite the company's objections citing quality and quantity disputes, the NCLT found the defense to be belated and admitted the CIRP under Section 9(5) of IBC. Mr. Atul Jashwantrai Sheth has been appointed as Interim Resolution Professional (IRP). A moratorium has been declared, suspending the Board of Directors' powers and prohibiting legal proceedings and asset transfers against the company.
This is a highly negative development for shareholders — the company is now under insolvency proceedings with its management taken over by the IRP. Trading in the stock may be suspended, and shareholders could face significant dilution or total loss depending on the outcome of the resolution process.