Astron Paper CIRP: FY26 Results Approved, EoI Dates

Why this update matters for listed investors

Astron Paper & Board Mill Limited has published its audited standalone and consolidated financial results for the quarter and year ended March 31, 2026, even as the company remains under the Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code (IBC), 2016. The disclosure is material because, during CIRP, the board’s powers are suspended and key corporate actions, including financial reporting, are routed through the Insolvency Resolution Professional.

The company also issued an Invitation for Expression of Interest (EoI) to prospective resolution applicants, laying out a structured timeline that runs through mid-September 2026. For shareholders tracking the process, these two disclosures together signal both compliance steps on financial reporting and the formal progression of the resolution process.

NCLT admission: CIRP begins from May 11, 2026

The Hon’ble National Company Law Tribunal (NCLT), Ahmedabad Bench, Court-II admitted an application filed by an operational creditor under Section 9(5) of the IBC and initiated CIRP for Astron Paper & Board Mill Limited. The order date disclosed by the company is May 11, 2026.

The admission also triggered a moratorium under Section 14 of the IBC from May 11, 2026. As described in the disclosure, the moratorium restricts legal actions and asset transfers in line with the IBC framework while the resolution process runs.

Board powers suspended; IRP takes charge

Following the NCLT order, the powers of the Board of Directors were suspended. Those powers are being exercised by the Interim Resolution Professional (IRP), Mr. Atul Jashwantrai Sheth (IBBI Registration No. IBBI/IPA-001/IP-P/02463/2021-22/13854).

The company’s communication underlines that governance and decision-making, including disclosures to the stock exchanges, are being driven through the IRP during CIRP. Separately, the article notes that the Resolution Professional’s authorisation is valid until June 30, 2027.

Outcome of IRP meeting: audited FY26 results approved

As per the disclosure, the IRP approved the audited standalone and consolidated financial results at a meeting held on May 30, 2026. The meeting commenced at 8:00 p.m. and concluded at 10:30 p.m.

This is presented as an “Outcome of Meeting of the Insolvency Resolution Professional”, reflecting how listed-company reporting continues even when the board’s powers are suspended. The company also indicated that the trading window for its securities would remain closed until 48 hours after the results are officially announced.

Auditors issue a disclaimer of opinion

A key point in the results release is that the statutory auditors have issued a Disclaimer of Opinion on the financial results. A disclaimer is a significant reporting outcome because it indicates the auditors are unable to obtain sufficient appropriate audit evidence to provide an audit opinion.

The disclosure does not quantify the specific audit limitations in the text provided here, but it clearly flags the nature of the audit report. For investors, this becomes a critical context point when reading reported numbers during a period of operational disruption and insolvency proceedings.

Operations update: manufacturing plants non-operational

The company has stated that it is undergoing CIRP and that its manufacturing plants remain non-operational. Operational status is central to understanding the financial trajectory disclosed for FY26.

The article adds further operational detail: the Halvad plant has been shut since September 8, 2024, and the Bhuj plant has been non-operational for an extended period. It also states that secured lenders initiated recovery proceedings under the SARFAESI Act and that the IRP has taken possession of all company assets.

Financial snapshot: sharp drop in FY26 sales; FY26 loss disclosed

The disclosure notes that the company’s sales declined sharply from ₹95.74 crore in FY 2024-25 to ₹0.7247 crore in FY 2025-26 (converted from ₹72.47 lakh). This provides a year-on-year view of the scale of disruption in the business.

On profitability, the consolidated net loss for the year is disclosed at ₹21.1813 crore (converted from ₹2,118.13 lakh). While the detailed line items are not provided in the text shared, the loss number and the scale of sales contraction together indicate severe financial stress during the reporting period.

EoI invitation: process and contact details

Astron Paper & Board Mill Limited has issued an Invitation for Expression of Interest (EoI) under Section 25(2)(h) of the IBC, 2016. The notice, addressed to both BSE and NSE, invites interested resolution applicants to submit an EoI in the prescribed format.

The EoI submission email provided is astroncirp@gmail.com, and the contact person for queries is Jashwantrai Sheth. The disclosure also states the company is currently under CIRP, meaning its assets are being evaluated for restructuring or sale.

CIRP timeline: key milestones through September 2026

The published schedule lays out a step-by-step process from EoI submission to the final date for resolution plans. Notably, the last date to receive EoI was extended from July 25, 2026 to August 4, 2026.

Resolution plans, as per the disclosed timeline, are due by September 17, 2026. This date effectively marks the endpoint of the timeline currently communicated to the market for plan submission, subject to process updates.

What shareholders can track next

From a listed-market perspective, two items stand out: first, financial reporting and compliance actions are being executed through the IRP due to the suspension of board powers; second, the EoI and resolution-plan timetable provides an externally visible process calendar.

The company’s disclosures also highlight the extent of operational disruption, with plants non-operational and the Halvad unit shut since September 2024. With the EoI window extended to August 4, 2026 and resolution plans due September 17, 2026, the next major updates for investors are likely to be process milestones such as the lists of prospective resolution applicants and any further CIRP-related filings.

Case detail disclosed in the report

The article also references that NCLT admitted Astron Paper to insolvency proceedings over a ₹1.77 crore payment default claimed by an Australian supplier of corrugated waste paper. The cited matter is: Empire Sons Pty Ltd vs Astron Paper & Board Mill Limited, Company Petition (IB) 316 (AHM) 2025, with citation 2026 LLBiz NCLT (AHM) 484.

Conclusion

Astron Paper’s audited FY26 results were approved by the IRP on May 30, 2026 following the NCLT order that initiated CIRP on May 11, 2026. Alongside the results, the company has published an EoI-driven timetable with resolution plans due by September 17, 2026, giving the market defined dates to track as the process advances.