Astron Paper & Board Mill Limited has informed the Exchange about Intimation of Admission of Corporate Insolvency Resolution Process (CIRP) under Section 9(5) of the Insolvency and Bankruptcy Code, 2016
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The National Company Law Tribunal (NCLT), Ahmedabad has admitted a corporate insolvency petition against Astron Paper & Board Mill Limited. The petition was filed by Australia's M/s. Empire Sony PTY Limited claiming an operational debt of Rs. 1,77,99,024.64 (approximately Rs. 1.78 crore). The NCLT order dated 11th May 2026 ordered commencement of the Corporate Insolvency Resolution Process (CIRP) under Section 9(5) of the IBC. Mr. Atul Jashwantrai Sheth has been appointed as the Interim Resolution Professional (IRP). A moratorium has been declared, suspending all powers of the Board of Directors. All suits, proceedings, and recovery actions against the company stand prohibited until the CIRP concludes or a Resolution Plan is approved.
This is an extremely negative development for shareholders as the company has entered a formal insolvency process. Trading in the stock may be suspended, and shareholders face potential significant dilution or total loss of value depending on the outcome of the resolution process.