Astron Paper CIRP 2026: NCLT contempt filing, EoI timeline

Key development at NCLT Ahmedabad

Astron Paper & Board Mill Ltd has filed a contempt application before the National Company Law Tribunal (NCLT) in Ahmedabad. The filing targets an operational creditor for alleged non-compliance with a tribunal order dated May 11, 2026. The company is currently undergoing the Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code (IBC), 2016. As the CIRP continues, Astron Paper has also published audited standalone and consolidated financial results for the quarter and year ended March 31, 2026. Separately, the company has invited Expressions of Interest (EoI) from prospective resolution applicants and disclosed timelines extending into late 2026. These updates matter for shareholders because the board’s powers remain suspended during CIRP, and key actions are routed through the insolvency professional.

What the contempt application alleges

The contempt application has been filed against an operational creditor for failing to comply with an NCLT order dated May 11, 2026. The resolution professional filed the application under Section 60(5)(c) of the IBC, 2016, read with Section 425 of the Companies Act, 2013. The application seeks initiation of appropriate contempt proceedings against the respondent for willful non-compliance. The disclosures describe the matter as a compliance issue tied to the tribunal’s earlier directions. The context provided also indicates that the CIRP admission itself was linked to a petition by an Australia-based operational creditor, identified as Empire Sony PTY Limited and also referred to as Empire Sons Pty Ltd in case details. Beyond these particulars, the filings focus on procedure rather than detailing the underlying commercial dispute.

CIRP admission and current control of the company

The CIRP for Astron Paper & Board Mill Ltd began on May 11, 2026 pursuant to an order by the NCLT, Ahmedabad Bench, Court-II. The tribunal admitted an application filed by an operational creditor under Section 9(5) of the IBC and initiated CIRP in respect of the company. Following the admission, the powers of the Board of Directors stand 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 has also disclosed that a moratorium under Section 14 of the IBC became operative from May 11, 2026, restricting legal actions and asset transfers as per the IBC framework referenced in the disclosure. The continuing sequence of NCLT-related updates suggests the process remains active and procedural milestones are being communicated to the exchanges.

Committee of Creditors meeting and e-voting window

Astron Paper has disclosed the outcome of the 3rd Committee of Creditors (CoC) meeting along with the e-voting result. The voting window was stated to remain open until Tuesday, September 15, 2026 at 5:00 pm. The disclosure is positioned as a CIRP update and forms part of the company’s procedural communications during the insolvency process. These filings also sit within the Regulation 30 disclosure framework under LODR, read with Schedule III Part A, which applies to the company as an equity-listed entity. The company is listed with BSE code 540824 and NSE symbol ASTRON, with ISIN INE646X01014, and is marked under Group Z.

Invitation for Expression of Interest (EoI)

The company issued an Invitation for Expression of Interest under Section 25(2)(h) of the IBC, 2016. The notice, addressed to 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 carries address details, including the company’s registered office at 407, Satyamev Eminence, Beside Saptak Bungalows, Science City Road, Sola, Ahmedabad - 380060, Gujarat. It also provides the professional’s address as B-27, Saiyam Apartment, Near Nehru Nagar, Ambawadi, Ahmedabad - 380015. These details are intended to standardise communication during the EoI and resolution plan process.

Timeline changes: September deadline to November extension

Astron Paper’s earlier disclosed EoI and resolution plan timeline indicated the last date to receive EoI was extended from July 25, 2026 to August 4, 2026. In that schedule, resolution plans were due by September 17, 2026, following steps such as the issue of the final list of prospective resolution applicants on August 17, 2026 and the issue of the Information Memorandum, Evaluation Matrix and RFRP on August 18, 2026.

Later updates state that the resolution professional unveiled a revised timeline, with the crucial deadline for submission of resolution plans set for November 16, 2026. Under this revised schedule, the receipt of EoI is set for September 19, 2026, the provisional list for September 29, 2026, and the final list for October 14, 2026. The company has communicated these milestones as the current schedule to streamline the search for a resolution applicant.

FY26 audited financials: revenue collapse and losses

Astron Paper & Board Mill Limited reported a standalone net loss of ₹19.4530 crore for FY26. Revenue fell sharply to ₹2.7928 crore from ₹95.9461 crore in the prior year, with the decline attributed in the disclosure to non-operational plants. The company also disclosed a consolidated loss of ₹21.18 crore, while operations remained shut. The audited FY26 results were stated to be approved by the IRP on May 30, 2026. The filing also references an auditor disclaimer alongside the ongoing CIRP proceedings initiated by the NCLT on May 11, 2026.

Summary table: key dates and financial snapshot

Timeline table: earlier schedule vs revised schedule

Market impact and what investors can track

The disclosures underscore that Astron Paper remains in a court-supervised resolution process, with governance shifted to the IRP during the suspension of the board’s powers. The contempt application adds another procedural layer at the NCLT, focused on alleged non-compliance with the May 11, 2026 order. The EoI process and revised timelines are material because they frame when prospective applicants can enter the process and when resolution plans are expected. The FY26 audited results provide a financial backdrop showing steep revenue decline and continued losses, which the company linked to non-operational plants. For investors following the process through exchange filings, the key reference points are CoC outcomes, changes in the EoI and plan submission schedule, and any further NCLT directions. The company has also flagged that disclosures are being made under LODR Regulation 30 and Schedule III, indicating these are considered material events.

Conclusion

Astron Paper’s latest filings combine three critical threads: a contempt application at NCLT Ahmedabad tied to alleged non-compliance with the May 11, 2026 order, ongoing CoC processes including e-voting, and a revised CIRP timeline extending resolution plan submission to November 16, 2026. The audited FY26 numbers show revenue at ₹2.7928 crore and a standalone loss of ₹19.4530 crore, reflecting the operational shutdown described in the filings. The next confirmed milestones to watch are the EoI receipt deadline (September 19, 2026), the publication of the provisional and final applicant lists (September 29 and October 14, 2026), and the updated resolution plan submission date (November 16, 2026), subject to further process updates.