Legal15 May 2026, 03:42 pm
Astron Paper: CIRP Commences Following NCLT Order
AI Summary
Astron Paper & Board Mill Ltd. has announced the commencement of the Corporate Insolvency Resolution Process (CIRP) following an order by the National Company Law Tribunal (NCLT), Ahmedabad. The order, dated 11th May 2026, was in response to an application filed by M/s. Empire Sony PTY Limited regarding an alleged operational debt of ₹1,77,99,024.64. A moratorium has been declared, and the powers of the Board of Directors are suspended, with Mr. Atul Jashwantrai Sheth appointed as the Interim Resolution Professional (IRP) to manage the company's affairs.
Key Highlights
- NCLT admits CIRP application against Astron Paper on May 11, 2026.
- Moratorium declared under Section 14 of IBC, effective May 11, 2026.
- Atul Jashwantrai Sheth appointed as Interim Resolution Professional (IRP).
- Board of Directors' powers suspended; IRP to manage the company.
- CIRP commenced due to alleged operational debt of ₹1,77,99,024.64.