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Astron Paper CoC Rejects Resolutions to Appoint Resolution Professional in 5th Meeting
Astron Paper & Board Mill Limited announced the e-voting results of the Fifth Committee of Creditors (CoC) meeting held on September 18, 2026, which concluded on October 07, 2026. The CoC rejected resolutions proposing the appointment of both Mr. Navin Khandelwal and Mr. Atul Sheth as the Resolution Professional (RP). The company is currently under Corporate Insolvency Resolution Process (CIRP), with core manufacturing suspended since September 2024 and TTM revenue collapsed to Rs 3 Cr with Rs 75 Cr debt. The rejection creates continued procedural delays in formalizing the resolution leadership.
Confidence: HIGH
What changedThe Committee of Creditors rejected the proposed appointment of two separate candidates for the role of Resolution Professional.
Why it mattersWithout an approved permanent Resolution Professional, the CIRP process faces operational and administrative roadblocks, prolonging distress for a company already burdened by Rs 75 Cr in debt and suspended operations.
CoC Meeting Number: Fifth meetingE-voting Conclusion Date: October 07, 2026Original CoC Meeting Date: September 18, 2026Total Debt (Financial Context): Rs 75 Cr
📅 Short termSignals ongoing lack of consensus among financial creditors, likely extending the timeline for resolving insolvency.
📈 Long termProlonged insolvency proceedings without an agreed RP heighten the risk of liquidation rather than revival.
⚠ Risk flags
- Creditor disagreement / stalled CIRP appointments
- Severe insolvency distress with 100% production halt
- High debt burden (Rs 75 Cr) vs minimal market cap (Rs 13 Cr)
Key Highlights
E-voting for the Fifth Meeting of the Committee of Creditors concluded at 6:00 PM on October 07, 2026.
Proposal to appoint Mr. Navin Khandelwal as Resolution Professional was rejected by the CoC.
Proposal to appoint Mr. Atul Sheth as Resolution Professional was rejected by the CoC.
Fifth meeting of the Committee of Creditors was initially held on Friday, September 18, 2026.
👀 What to Watch
Monitor upcoming CoC meetings and NCLT filings to see whether an alternative Resolution Professional is proposed and approved to steer the CIRP process.
Astron Paper CoC Approves NCLT Filings Under Sec 43/66 and ₹23.1 Lakh CIRP Costs
Astron Paper & Board Mill's Committee of Creditors (CoC) has concluded e-voting for its 4th meeting on September 21, 2026. The CoC approved filing an interlocutory application before NCLT Ahmedabad under Section 43 (preferential transactions) and Section 66 (fraudulent trading) of the IBC. Additionally, CIRP expenses amounting to ₹23,10,852 were formally approved alongside administrative IT and data procurement expenditures. The company remains under severe financial stress with core operations suspended and annual revenue plunging to ₹2.8 Cr in FY26.
Confidence: HIGH
What changedThe CoC authorized the Resolution Professional to pursue avoidance and fraudulent transaction applications against past management/parties and cleared interim insolvency costs.
Why it mattersSections 43 and 66 filings indicate suspected preferential or fraudulent transactions under previous management, underscoring deep governance and solvency issues while operational revival remains unachieved.
Approved CIRP expenses: Rs 23,10,852Storage procurement capacity: 1 TBDebt outstanding (Context): Rs 75 CrTTM Revenue (Context): Rs 3 Cr
📅 Short termTrading sentiment remains depressed as legal actions for avoidance/fraudulent transactions proceed under the Insolvency and Bankruptcy Code.
📈 Long termSignificant risk of complete equity dilution or liquidation, given suspended operations since September 2024, negligible revenue, and total debt of ₹75 Cr.
⚠ Risk flags
- Insolvency/liquidation risk under ongoing CIRP
- Allegations of preferential and fraudulent transactions under Sections 43 & 66 of IBC
- Operations fully suspended with negative operating cash flows
Key Highlights
CoC approved filing an application under Sections 43 and 66 of IBC at NCLT Ahmedabad
Approval of CIRP expenses amounting to ₹23,10,852 incurred
E-voting concluded at 8:00 PM on September 21, 2026, following meeting adjournments on September 2, 8, and 9, 2026
Procurement of 1 TB Seagate Hard Disk approved for records preservation
👀 What to Watch
Track the proceedings and orders of NCLT Ahmedabad regarding the Section 43 and 66 applications, as well as the progress of resolution applicant submissions or liquidation outcomes under the CIRP process.
Astron Paper RP Responds to NSE Listing Notices; Cites Pre-CIRP Non-Cooperation by Management
Astron Paper & Board Mill's Resolution Professional (RP) has replied to exchange notices regarding historical non-compliances under Regulation 33, including delayed results, audit qualification statements, and XBRL discrepancies. The RP stated that CIRP commenced on May 11, 2026, and pre-CIRP defaults are attributable to the suspended management rather than the RP. Additionally, financial results for the quarter ended June 30, 2026, remain pending due to non-availability of records on asset sales and non-cooperation from the suspended management, prompting a Section 19(2) IBC application before NCLT Ahmedabad.
Confidence: HIGH
What changedThe RP formally clarified that listing non-compliances and reporting delays were caused by suspended management and reported filing an IBC Section 19(2) non-cooperation application.
Why it mattersConfirms deep administrative and governance distress; delayed quarterly filings and missing asset sale documentation raise the risk of exchange trading suspensions or regulatory penalties on top of existing insolvency.
CIRP Commencement Date: 11th May, 2026Quarter with delayed results: June 30, 2026Total Debt (Context): Rs 75 CrTTM Revenue (Context): Rs 3 Cr
📅 Short termStock is under intense regulatory scrutiny; continued failure to file Q1 FY27 results may attract exchange fines or trading suspensions.
📈 Long termStructural revival hinges entirely on the CIRP resolution process, potential asset recovery, and any resolution plan approved by the Committee of Creditors.
⚠ Risk flags
- Non-cooperation by suspended management leading to Section 19(2) filing
- Delayed financial results and unverified asset sale transactions
- Ongoing insolvency proceedings with significant debt burden (Rs 75 Cr)
Key Highlights
CIRP commenced on May 11, 2026, pursuant to NCLT Ahmedabad Bench orders
Section 19(2) application under IBC filed against suspended management alleging non-cooperation and missing records
Q1 FY27 (quarter ended June 30, 2026) results remain delayed due to missing financial information on asset sales
Exchange notices cite Regulation 33 non-compliance, XBRL discrepancies, and non-submission of Statement of Impact of Audit Qualifications
👀 What to Watch
Track the outcome of the Section 19(2) IBC hearing at NCLT Ahmedabad to see if historical books are recovered, and watch for subsequent submission of pending June 30, 2026 financial results.
Astron Paper Delays AGM Amid Ongoing CIRP Initiated on May 11, 2026
Astron Paper & Board Mill Limited informed the exchanges about a delay in holding its Annual General Meeting (AGM) due to the non-finalization of annual records and financial statements. The company was admitted into Corporate Insolvency Resolution Process (CIRP) by the NCLT Ahmedabad bench on May 11, 2026, pursuant to order C.P.(IB)/316(AHM)2025. Company affairs and management are currently supervised by Resolution Professional CA Atul J Sheth under the Insolvency and Bankruptcy Code. The financial distress is severe, with FY26 revenue plunging to Rs 2.8 Cr against outstanding debt of Rs 75 Cr.
Confidence: HIGH
What changedThe company has formally notified exchanges that its AGM is delayed because it is undergoing insolvency proceedings under an appointed Resolution Professional.
Why it mattersInsolvency proceedings put equity holders at extreme risk of full dilution or write-off if a resolution plan is approved, or zero recovery under liquidation.
CIRP Commencement Date: 11.05.2026Debt vs Market Cap: 535.7% (Rs 75 Cr vs Rs 14 Cr)Debt vs TTM Revenue: 2500% (Rs 75 Cr vs Rs 3 Cr)
📅 Short termTrading may remain volatile or face suspension/surveillance measures as the resolution professional oversees statutory reporting and compliance.
📈 Long termThe company's survival hinges on the approval of a resolution plan by the CoC and NCLT; failure to find a buyer will result in liquidation.
⚠ Risk flags
- Severe insolvency risk (admitted to CIRP)
- Halted core operations and 100% loss of production
- Risk of near-total equity wipeout under IBC
Key Highlights
CIRP commenced on May 11, 2026, pursuant to NCLT Ahmedabad order under C.P.(IB)/316(AHM)2025
AGM delayed due to pending finalization of annual records and statutory compliances
Company affairs now run by Resolution Professional CA Atul J Sheth
Debt burden stands at Rs 75 Cr against TTM revenue of merely Rs 3 Cr
👀 What to Watch
Track announcements regarding the Committee of Creditors (CoC) meetings, potential resolution plans submitted by bidders, or liquidation orders under IBC.
Astron Paper Reports Delay in AGM Due to Ongoing CIRP Commenced on May 11, 2026
Astron Paper & Board Mill has informed exchanges regarding a delay in holding its Annual General Meeting (AGM) due to incomplete annual records and statutory compliances. The company entered Corporate Insolvency Resolution Process (CIRP) on May 11, 2026, via an NCLT Ahmedabad order in C.P.(IB)/316(AHM)2025. Company operations and management remain under the supervision of the Resolution Professional. This comes as the financially distressed firm reported TTM revenue of just ₹3 Cr against ₹75 Cr of debt.
Confidence: HIGH
What changedThe company formally disclosed the reasons for delaying its Annual General Meeting, citing ongoing CIRP proceedings and pending finalization of annual records.
Why it mattersConfirms the severe governance and financial deadlock under IBC, with the company unable to close accounts or hold required shareholder meetings.
CIRP Commencement Date: 11.05.2026NCLT Case Number: C.P.(IB)/316(AHM)2025Debt vs Market Cap: 535.7%
📅 Short termTrading sentiment is likely to remain severely depressed as statutory compliances remain stalled under CIRP.
📈 Long termThe future of equity holders depends entirely on the outcome of the resolution process under IBC; failure to find a resolution applicant risks liquidation.
⚠ Risk flags
- Insolvency proceedings underway (CIRP)
- Severe delay in statutory financial reporting and AGM
- Extremely high financial leverage with debt of ₹75 Cr vs annual revenue of ₹2.8 Cr
Key Highlights
CIRP commenced on May 11, 2026, following an order by NCLT Ahmedabad in C.P.(IB)/316(AHM)2025
AGM delayed beyond prescribed timelines due to non-finalization of annual records and statutory accounts
Company affairs continue to be managed by Resolution Professional Atul J Sheth
Company debt stands at ₹75 Cr against a market capitalization of just ₹14 Cr
👀 What to Watch
Track updates from the Committee of Creditors (CoC) meetings, any resolution plans submitted under IBC, and the finalization of pending annual statutory filings.
Astron Paper Reports Delay in AGM Due to Ongoing CIRP and Incomplete Accounts
Astron Paper & Board Mill has informed exchanges regarding a delay in conducting its Annual General Meeting (AGM). The company was admitted into the Corporate Insolvency Resolution Process (CIRP) on May 11, 2026, by the NCLT Ahmedabad bench under case C.P.(IB)/316(AHM)2025. The delay in convening the AGM stems from the non-finalization of annual records and the takeover of management by Resolution Professional Atul J. Sheth. The company operates under severe distress, with TTM revenue down to Rs 3 Cr against a debt of Rs 75 Cr.
Confidence: HIGH
What changedThe company has formally notified the stock exchanges of its inability to hold the AGM within statutory timelines due to ongoing CIRP and pending financial accounts.
Why it mattersManagement control remains displaced by the Resolution Professional under the IBC code, highlighting severe operational halts, frozen liquidity, and risk of total equity dilution or liquidation.
CIRP Commencement Date: 11.05.2026Total Debt vs Market Cap: 535.7% (Rs 75 Cr debt vs Rs 14 Cr m-cap)TTM Net Loss: Rs -21 Cr
📅 Short termTrading sentiment remains severely constrained as reporting defaults and insolvency proceedings limit normal corporate and board functions.
📈 Long termHigh structural risk of severe equity dilution, delisting, or liquidation depending on whether a viable resolution plan emerges from the IBC process.
⚠ Risk flags
- Ongoing Corporate Insolvency Resolution Process (CIRP)
- Non-finalization of statutory annual accounts and delayed AGM
- Operations suspended with severe liquidity constraints and debt default
Key Highlights
CIRP commenced on 11.05.2026 pursuant to NCLT Ahmedabad order under C.P.(IB)/316(AHM)2025
AGM delayed due to pending finalization of annual financial records and ongoing insolvency proceedings
Company affairs and management are currently supervised by Resolution Professional Atul J. Sheth
Severe financial distress reflected in company debt of Rs 75 Cr versus market cap of Rs 14 Cr
👀 What to Watch
Track subsequent NCLT proceedings and disclosures from the Resolution Professional regarding Committee of Creditors (CoC) decisions, finalization of annual accounts, and any potential resolution plans or liquidation orders.
Astron Paper Cites CIRP Commencement and Incomplete Records for Delay in Holding AGM
Astron Paper & Board Mill Limited has notified stock exchanges of a delay in convening its Annual General Meeting (AGM). The company stated that the delay is due to the non-finalization of annual records and financial statements, compounded by the initiation of the Corporate Insolvency Resolution Process (CIRP). The CIRP was initiated by the NCLT Ahmedabad bench on May 11, 2026, under petition C.P.(IB)/316(AHM)2025. Company operations and compliances remain under the supervision of the Resolution Professional, CA Atul J Sheth.
Confidence: HIGH
What changedThe company has formally notified exchanges that its AGM is delayed due to ongoing insolvency proceedings and pending financial record finalization.
Why it mattersConfirms the continuation of insolvency proceedings and operational freeze, heightening regulatory non-compliance risks and extreme equity dilution risks under CIRP.
CIRP Commencement Date: 11.05.2026NCLT Petition Reference: C.P.(IB)/316(AHM)2025Debt vs Market Cap: ~535% (Rs 75 Cr / Rs 14 Cr)
📅 Short termTrading sentiment remains severely constrained with risk of exchange suspension due to delayed financial reporting and AGM non-compliance.
📈 Long termThe company faces substantial risk of liquidation or near-total equity write-down depending on resolution outcomes under the IBC.
⚠ Risk flags
- Active Corporate Insolvency Resolution Process (CIRP)
- Severe delay in statutory reporting and AGM conduct
- Complete operational halt and heavy debt distress
Key Highlights
CIRP commenced on May 11, 2026, pursuant to an NCLT Ahmedabad order under C.P.(IB)/316(AHM)2025
AGM postponed due to pending finalization of annual financial records and CIRP proceedings
Company affairs and statutory compliances are currently managed by Resolution Professional CA Atul J Sheth
👀 What to Watch
Track updates from the Committee of Creditors (CoC) and NCLT regarding the resolution timeline, finalization of annual audited financials, and any prospective resolution plans.
CIRP: Astron Paper Extends EOI Submission Deadline to September 19, 2026 Under Form G
Astron Paper & Board Mill Limited's Resolution Professional has issued a revised Form G inviting Expressions of Interest (EOI) under the Corporate Insolvency Resolution Process (CIRP). The last date for receipt of EOIs has been extended to September 19, 2026, while the final submission date for resolution plans is set for November 16, 2026. The filing reveals the extent of operational distress: sales plunged from 29,800 tons (Rs 95.74 cr) in FY25 to just 280 tons (Rs 72.47 lakhs) in FY26, with active employee count down to nil. The company holds an installed capacity of 500 tons per day of recycled Kraft paper across its Halwad and Bhuj units.
Confidence: HIGH
What changedThe Resolution Professional has released an updated Form G extending the CIRP bidding timeline, giving prospective resolution applicants until September 19, 2026 to submit EOIs.
Why it mattersWith core operations shut, sales near zero, and total debt at Rs 75 cr versus a Rs 14 cr market cap, the CIRP process is the sole mechanism to determine whether the company is revived or liquidated.
Installed Capacity: 500 Tons per dayFY26 Kraft Paper Sales: Rs 72.47 LakhsFY25 Kraft Paper Sales: Rs 95.74 CrsRevised EOI Deadline: 19.09.2026Revised Resolution Plan Deadline: 16.11.2026
📅 Short termTrading will remain speculative as the market monitors whether any prospective bidders express interest by the mid-September deadline.
📈 Long termStructural outcome depends entirely on NCLT approval of a resolution plan or an order for liquidation, both carrying substantial risk of total equity dilution for existing shareholders.
⚠ Risk flags
- High insolvency risk with operations halted and zero employees
- Severe equity dilution or complete capital reduction risk under IBC resolution plans
- Debt burden of Rs 75 Cr against near-zero operational cash flows
Key Highlights
Revised last date for receipt of Expressions of Interest (EOI) extended to September 19, 2026 (originally July 25, 2026)
Last date for submission of resolution plans scheduled for November 16, 2026
Kraft paper sales collapsed to 280 tons (Rs 72.47 lakhs) in FY26 from 29,800 tons (Rs 95.74 cr) in FY25
Installed capacity stands at 500 tons per day of recycled Kraft paper, with employee count currently at NIL
👀 What to Watch
Monitor whether viable resolution applicants submit EOIs by September 19, 2026, and track the provisional applicant list due September 29, 2026, to assess revival versus liquidation risk.
Astron Paper Delays Q1 FY27 Results; Files Section 19(2) Against Suspended Management
Astron Paper & Board Mill informed exchanges that it could not finalize its financial results for the quarter ended June 30, 2026 within prescribed timelines. The Resolution Professional (RP) cited non-availability of books, non-cooperation from suspended management, and unsupported prior transactions under audit review. Consequently, an application under Section 19(2) of the Insolvency and Bankruptcy Code (IBC) has been filed before the NCLT Ahmedabad Bench.
Confidence: HIGH
What changedThe RP has officially reported non-cooperation from the suspended management and delayed Q1 FY27 results while seeking NCLT intervention.
Why it mattersHighlights deepening governance and reporting issues under insolvency, increasing uncertainty regarding asset recovery and revival.
CIRP Effective Date: May 11, 2026Quarter with Delayed Results: June 30, 2026Total Debt (Financial Context): Rs 75 CrTTM Revenue (Financial Context): Rs 3 Cr
📅 Short termPossible trading restrictions or penalties for delayed financial reporting, with focus shifting to NCLT hearings.
📈 Long termThe company's survival hinges entirely on the CIRP resolution process or potential liquidation under IBC.
⚠ Risk flags
- Non-cooperation by suspended management
- Discrepancies and unsupported entries in historical accounting records
- Ongoing CIRP proceedings and severe operational shutdown
Key Highlights
Q1 FY27 results (quarter ended June 30, 2026) delayed beyond regulatory timelines
Section 19(2) application filed under IBC at NCLT Ahmedabad Bench against suspended management
Unsupported transactions from prior periods identified and currently under auditor examination
Company placed under CIRP with RP appointed effective May 11, 2026
👀 What to Watch
Track proceedings before NCLT Ahmedabad regarding the Section 19(2) application and subsequent disclosures on CIRP resolution plans or liquidation.
Astron Paper Invites Resolution Plans; Sept 17 Deadline for Submissions Under CIRP
Astron Paper & Board Mill, currently under Corporate Insolvency Resolution Process (CIRP), has initiated the formal process of seeking a buyer. The company's revenue has collapsed from ‡95.74 Cr in FY25 to just ‡72.47 Lakhs in FY26, with operations largely suspended since September 2024. With a debt of ‡75 Cr against a market cap of only ‡18 Cr, the Resolution Professional has set September 17, 2026, as the final deadline for submitting resolution plans. The outcome will determine if the company can revive its 500 TPD capacity or face liquidation.
Confidence: HIGH
What changedThe company has moved from the initial insolvency stage to the formal 'Invitation for Expression of Interest' (Form G), seeking third-party resolution plans.
Why it mattersThis is a terminal event for the company; the resolution process will either result in a change of management and capital infusion or lead to the liquidation of assets to pay creditors.
Resolution Plan Deadline: September 17, 2026FY26 Sales: ‡72.47 LakhsTotal Debt: ‡75 CrDebt to Market Cap: 4.17xInstalled Capacity: 500 TPD
📅 Short termThe stock is likely to remain highly volatile and speculative as the market reacts to the number and quality of bidders appearing in the provisional list in early August.
📈 Long termThe long-term survival of the entity depends entirely on the NCLT-approved resolution plan; however, for retail shareholders, the risk of total capital loss is extremely high.
⚠ Risk flags
- Potential for 100% equity wipeout
- Operational shutdown since September 2024
- Significant debt burden of ‡75 Cr
- Negative OPM of -88.9%
Key Highlights
Last date for submission of formal Resolution Plans is set for September 17, 2026
Revenue plummeted to ‡72.47 Lakhs in FY 2025-26 from ‡95.74 Cr in the previous year
Total debt stands at ‡75 Cr, which is approximately 4.17x the current market capitalization
Installed capacity remains at 500 Tons per day across units in Halwad and Bhuj, though currently unutilized
Provisional list of prospective resolution applicants to be issued by August 4, 2026
👀 What to Watch
Investors should monitor the release of the provisional list of bidders on August 4, 2026, to see if any credible industrial players express interest. Be cautioned that under IBC, existing equity is frequently written down to zero or significantly diluted.
Astron Paper FY26 Results: Auditors Issue Disclaimer of Opinion Amid Insolvency Proceedings
Astron Paper & Board Mill is currently undergoing Corporate Insolvency Resolution Process (CIRP) with its board powers suspended and management vested in an Interim Resolution Professional. The statutory auditors have issued a 'Disclaimer of Opinion' for the FY26 results, stating they cannot verify bank liabilities totaling •87.61 crores or the company's ability to continue as a 'going concern'. Both manufacturing plants at Halvad and Bhuj remain non-operational, and the company has failed to provide for significant bad debts and impaired subsidiary investments.
Key Highlights
Total outstanding bank dues stand at •87.61 crores, including •12.27 crores in unpaid interest, with all accounts classified as NPA.
Manufacturing plants at Halvad and Bhuj are non-operational; the Halvad unit has been shut since September 2024.
Statutory auditors issued a Disclaimer of Opinion due to lack of evidence regarding bank liabilities, inventory auctions, and going concern status.
The company has not impaired loans of •28.66 crores or equity investments of •4.04 crores in its loss-making subsidiary, Balaram Papers.
Lenders have initiated recovery proceedings under the SARFAESI Act and have taken symbolic possession of key assets.
👀 What to Watch
Investors should be extremely cautious as the company is in insolvency and manufacturing is halted; equity value is at high risk of total erosion. Avoid fresh positions until the resolution process provides clarity on stakeholder recovery.
Astron Paper Reports FY26 Results Under CIRP; Auditors Issue Disclaimer of Opinion
Astron Paper & Board Mill is currently undergoing Corporate Insolvency Resolution Process (CIRP) with management powers now vested in an Insolvency Resolution Professional. The company reported total bank defaults of ₹87.61 Crores, with all loan accounts classified as NPA and plants at Halvad and Bhuj remaining non-operational. Statutory auditors have issued a Disclaimer of Opinion, citing significant concerns over the company's going concern status and lack of provisions for doubtful debts and impaired investments. The company has also failed to account for auctioned inventory and has not made provisions for ₹28.66 Crores in loans given to its non-functional subsidiary.
Key Highlights
Total outstanding bank dues stand at ₹87.61 Crores, including ₹75.34 Crores in principal and ₹12.27 Crores in unpaid interest.
Auditors issued a Disclaimer of Opinion, stating the company should not be treated as a going concern as plants have been shut since September 2024.
The company failed to provide for ₹28.66 Crores in loans and ₹4.04 Crores in equity investments in its non-operational subsidiary, Balaram Papers.
Management powers are suspended following the commencement of CIRP on May 11, 2026, under the Insolvency and Bankruptcy Code.
Significant accounting lapses noted, including unprovided export receivables of ₹1.60 Crores and unaccounted inventory auctions at ports.
👀 What to Watch
Investors should exercise extreme caution as the company is in insolvency proceedings and equity value may be at risk of total erosion. The auditor's disclaimer of opinion suggests that the financial statements may not accurately reflect the depth of the company's distress.
Astron Paper & Board Mill Enters Insolvency Process Over Rs 1.78 Crore Debt
The NCLT Ahmedabad has admitted Astron Paper & Board Mill Limited into the Corporate Insolvency Resolution Process (CIRP) following a petition by an Australian operational creditor, M/s. Empire Sony PTY Limited. The insolvency process was triggered by an unpaid operational debt of approximately Rs 1.78 crore (USD 214,446). As a result, the powers of the company's Board of Directors have been suspended, and Mr. Atul Jashwantrai Sheth has been appointed as the Interim Resolution Professional (IRP). A moratorium is now in effect, prohibiting the company from transferring assets or facing new legal proceedings during the resolution period.
Key Highlights
NCLT Ahmedabad admitted the CIRP petition on May 11, 2026, under Section 9 of the IBC
Insolvency initiated by M/s. Empire Sony PTY Limited for a debt of Rs 1,77,99,024.64
Powers of the Board of Directors are suspended; IRP Atul Jashwantrai Sheth to manage affairs
Moratorium declared under Section 14, prohibiting asset disposal and legal suits against the firm
The company will be managed as a going concern by the IRP during the resolution process
👀 What to Watch
Investors should exercise extreme caution as equity value is typically significantly diluted or wiped out during insolvency proceedings. It is advisable to monitor the resolution plan and public announcements regarding creditor claims.
Astron Paper Enters Insolvency Process (CIRP) Over ₹1.78 Crore Debt
The NCLT Ahmedabad has admitted Astron Paper & Board Mill Limited into the Corporate Insolvency Resolution Process (CIRP) following a petition by an operational creditor, Empire Sony PTY Limited. The insolvency proceedings were triggered by a default on an operational debt amounting to approximately ₹1.78 crore ($214,446). As a result, the powers of the company's Board of Directors have been suspended, and Mr. Atul Jashwantrai Sheth has been appointed as the Interim Resolution Professional (IRP). A moratorium is now in effect, prohibiting the transfer of assets or new legal proceedings against the company.
Key Highlights
NCLT Ahmedabad admitted the CIRP petition on May 11, 2026, under Section 9 of the IBC.
The insolvency was initiated by Australian creditor Empire Sony PTY Limited for a debt of ₹1,77,99,024.64.
Management control has shifted from the Board of Directors to the Interim Resolution Professional (IRP).
A moratorium under Section 14 of the IBC is now in place, freezing asset transfers and legal suits.
The IRP will manage the company as a going concern while seeking a resolution plan.
👀 What to Watch
Investors should exercise extreme caution as equity value is typically significantly diluted or wiped out during insolvency proceedings. The stock may face trading restrictions or eventual delisting depending on the resolution outcome.
Astron Paper Schedules EGM for March 19 to Appoint New Statutory Auditors
Astron Paper & Board Mill Limited has convened an Extraordinary General Meeting (EGM) on March 19, 2026, to seek shareholder approval for critical governance changes. The primary agenda includes the appointment of M/s. H K Shah & Co. as Statutory Auditors to fill a casual vacancy following the resignation of M/s. SNDK & Associates LLP on December 23, 2025. Additionally, the company is seeking to regularize Ms. Jankiben Patel as an Independent Director for a five-year term. These steps are essential for the company to maintain regulatory compliance and ensure continuous oversight of its financial reporting.
Key Highlights
Extraordinary General Meeting (EGM) scheduled for March 19, 2026, at 2:00 PM via Video Conferencing.
Proposed appointment of M/s. H K Shah & Co. as Statutory Auditors to fill the vacancy until the 16th AGM.
Regularization of Ms. Jankiben Patel as an Independent Director for a 5-year term ending December 22, 2030.
The auditor vacancy was triggered by the resignation of M/s. SNDK & Associates LLP effective December 23, 2025.
The meeting will be conducted entirely through VC/OAVM mode as per MCA and SEBI circulars.
👀 What to Watch
Investors should take note of the change in statutory auditors and ensure they participate in the e-voting process to approve the new management appointments. While auditor changes are a standard procedure to fill vacancies, shareholders should monitor for any specific reasons disclosed regarding the previous auditor's resignation.
Astron Paper Q3 Results: Consolidated Net Loss of ₹505.52 Lakhs Amid Ongoing IBC Proceedings
Astron Paper & Board Mill reported a consolidated revenue of ₹144.71 Lakhs for the quarter ended December 31, 2025, a marginal increase from ₹137.00 Lakhs in the same period last year. The company posted a net loss of ₹505.52 Lakhs for the quarter, significantly impacted by finance costs of ₹409.91 Lakhs which exceed its total revenue. Critically, the company is currently undergoing insolvency proceedings under the IBC and SARFAESI Act, with secured lenders having taken symbolic possession of certain assets. Furthermore, the company is facing regulatory non-compliance due to the vacant position of Company Secretary.
Key Highlights
Consolidated revenue from operations stood at ₹144.71 Lakhs for Q3 FY26.
Net loss for the quarter was ₹505.52 Lakhs, narrowing from a loss of ₹2,794.90 Lakhs in Q3 FY25.
Finance costs of ₹409.91 Lakhs represent a massive overhead compared to the quarterly revenue of ₹144.71 Lakhs.
The company is undergoing proceedings under the Insolvency and Bankruptcy Code (IBC), 2016.
Secured lenders have taken symbolic possession of certain company assets under the SARFAESI Act, 2002.
👀 What to Watch
Investors should exercise extreme caution as the company is in insolvency proceedings and facing severe financial distress. The high finance costs and ongoing legal actions under IBC and SARFAESI make this a highly speculative and risky asset.
Astron Paper Reports Q3 Net Loss of ₹505 Lakhs; Continues Under IBC Proceedings
Astron Paper & Board Mill reported a consolidated net loss of ₹505.52 lakhs for the quarter ended December 31, 2025, showing a reduction in losses compared to ₹2,794.90 lakhs in the previous year's quarter. However, revenue from operations remains critically low at just ₹144.71 lakhs, indicating severe operational distress. The company is currently undergoing Insolvency and Bankruptcy Code (IBC) proceedings, with secured lenders taking symbolic possession of certain assets under the SARFAESI Act. Furthermore, the company is facing regulatory non-compliance issues, including a vacant Company Secretary position.
Key Highlights
Consolidated net loss narrowed to ₹505.52 lakhs in Q3 FY26 from a loss of ₹2,794.90 lakhs in Q3 FY25.
Quarterly revenue from operations stood at a meager ₹144.71 lakhs, reflecting a collapse in business scale.
Company is undergoing IBC proceedings and SARFAESI enforcement actions by secured lenders.
Finance costs of ₹409.91 lakhs on a consolidated basis continue to weigh heavily on the financial health.
Board seeking shareholder approval via postal ballot for the appointment of statutory auditors and an independent director.
👀 What to Watch
Investors should avoid this stock as the company is in insolvency proceedings and its operational viability is under significant threat. The ongoing legal actions and symbolic possession of assets by lenders make it a high-risk situation with potential for total capital loss.
Astron Paper Q3 Net Loss at ₹5.06 Cr; Company Faces IBC and SARFAESI Actions
Astron Paper & Board Mill reported a consolidated net loss of ₹505.52 lakhs for Q3 FY26, a reduction from the ₹2,794.90 lakhs loss in the same quarter last year. Revenue from operations was extremely low at ₹144.71 lakhs, indicating a significant scale-down in business activities. The company is currently undergoing Insolvency and Bankruptcy Code (IBC) proceedings, and secured lenders have already taken symbolic possession of certain assets under the SARFAESI Act. Additionally, the company is facing regulatory non-compliance due to a vacant Company Secretary position.
Key Highlights
Consolidated net loss for the quarter ended December 31, 2025, stood at ₹505.52 lakhs.
Revenue from operations was minimal at ₹144.71 lakhs compared to ₹9,534.44 lakhs in the 9-month period of the previous year.
Company is undergoing IBC, 2016 proceedings and enforcement actions under the SARFAESI Act, 2002.
Secured lenders have taken symbolic possession of certain company assets.
Board approved a postal ballot for the appointment of M/s H K Shah & Co. as Statutory Auditors to fill a casual vacancy.
👀 What to Watch
Investors should exercise extreme caution as the company is in insolvency proceedings and lenders have initiated asset recovery. The risk of total equity erosion is high in IBC cases, making this a high-risk situation for retail shareholders.
Astron Paper Faces E-Auction of Assets for ₹83.07 Crore Debt Recovery
Union Bank of India, leading a consortium of five banks, has issued an e-auction notice for the secured assets of Astron Paper & Board Mill Limited to recover outstanding dues of ₹83.07 Crores. The auction, scheduled for March 13, 2026, includes the company's offices in Ahmedabad and critical manufacturing assets like plant and machinery at its Halvad and Bhuj sites. This action under the SARFAESI Act, 2002, follows a default on secured debt and signifies severe financial distress. The potential loss of core production facilities poses a significant threat to the company's operational continuity.
Key Highlights
Total secured debt outstanding stands at ₹83,07,09,943.13 as of December 31, 2025.
Lender consortium includes Union Bank of India, Bank of Maharashtra, ICICI Bank, Axis Bank, and SBM.
E-auction is scheduled for March 13, 2026, between 12:00 PM and 05:00 PM.
Assets under auction include two offices in Ahmedabad and industrial land/machinery in Halvad and Bhuj.
Recovery action is being taken under the provisions of the SARFAESI Act, 2002.
👀 What to Watch
Investors should be extremely cautious as the liquidation of core manufacturing assets indicates a high risk of insolvency and operational shutdown. It is recommended to evaluate the impact of these asset sales on the company's ability to remain a going concern.
Statutory Auditor Resigns from Astron Paper Subsidiary Citing Lack of Management Cooperation
M/s SNDK & Associates LLP has resigned as the Statutory Auditor of Balaram Papers Private Limited, a wholly-owned subsidiary of Astron Paper & Board Mill Limited, effective December 31, 2025. In their resignation letter, the auditors explicitly stated that the management failed to provide adequate and proper documents and audit evidence despite multiple requests. The firm also cited increased regulatory burdens and time constraints as reasons for their inability to continue. Such resignations, particularly those citing a lack of information, are significant red flags regarding corporate governance and internal controls.
Key Highlights
M/s SNDK & Associates LLP resigned as Statutory Auditor of Balaram Papers Pvt Ltd effective December 31, 2025.
The auditor cited management's failure to provide adequate audit evidence and documents in a timely manner as a primary reason.
Balaram Papers Private Limited is a 100% wholly-owned subsidiary of the listed entity Astron Paper & Board Mill Limited.
The resignation letter highlights that the firm could no longer devote appropriate time to comply with quality standards and statutory reporting provisions.
👀 What to Watch
Investors should exercise high caution as auditor resignations due to non-cooperation from management are serious governance concerns. It is advisable to wait for further clarification or the appointment of a reputed new auditor before making new commitments.
