Legal15 May 2026, 04:08 pm
Astron Paper: CIRP Commences Under Section 9(5) IBC
AI Summary
Astron Paper & Board Mill Ltd has announced the commencement of the Corporate Insolvency Resolution Process (CIRP) against the company, following an order by the NCLT, Ahmedabad. The CIRP was initiated based on an application filed by M/s. Empire Sony PTY Limited, an Australia-based operational creditor, regarding an alleged debt of ₹1,77,99,024.64. Mr. Atul Jashwantrai Sheth has been appointed as the Interim Resolution Professional (IRP). A moratorium has been declared, suspending the powers of the Board of Directors.
Key Highlights
- NCLT admits CIRP application against Astron Paper filed by Empire Sony PTY Limited.
- Moratorium declared, prohibiting suits and asset encumbrances against the company.
- Atul Jashwantrai Sheth appointed as Interim Resolution Professional (IRP).
- Board of Directors' powers suspended, with IRP managing the company's affairs.
- CIRP commenced on May 11, 2026; public announcement to be issued.
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