Astron Paper & Board Mill Limited has informed the Exchange about Corporate Insolvency Resolution Process under Section 9(5) of the Insolvency and Bankruptcy Code, 2016
ASTRON · price
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The National Company Law Tribunal (NCLT), Ahmedabad Bench, has admitted a Corporate Insolvency Resolution Process (CIRP) against Astron Paper & Board Mill Limited. The petition was filed by Australia-based M/s Empire Sony PTY Limited (operational creditor) claiming an unpaid debt of Rs. 1,77,99,024.64 (approximately USD 214,446). The debt arose from alleged unpaid invoices for corrugated waste paper supplies delivered between September-October 2023. Despite the company raising disputes about quality and quantity of supplies, the NCLT found the company's defense to be belated and dismissed it as a moonshine defense. The NCLT order dated 11th May 2026 appointed Mr. Atul Jashwantrai Sheth as Interim Resolution Professional (IRP) and declared a moratorium under Section 14 of IBC. Consequently, the company's Board of Directors' powers stand suspended and the IRP will manage the company as a going concern.
This is an extremely negative development for shareholders. The stock is likely to face significant downward pressure or trading suspension. Shareholders lose control of management to the IRP, and the outcome could be either a resolution plan approval or liquidation of the company.