Astron Paper & Board Mill LimitedASTRONNSE
Astron Paper creditors approve insolvency applications and ₹23.11 lakh CIRP expenses
As filed · Astron Paper & Board Mill Limited has informed the Exchange about Corporate Insolvency Resolution Process
DistressMixedMinormateriality 55 out of 100
What happened
FactAstron Paper & Board Mill’s Committee of Creditors approved filing applications before the NCLT, Ahmedabad under Sections 43 and 66 of the Insolvency and Bankruptcy Code. The committee also approved ₹23,10,852 of CIRP expenses, procurement of a 1 TB Seagate hard disk for record preservation, and expenditure to obtain BENPOS data.
Why it matters
CapitSignal interpretationOnce an insolvency process is admitted, control of the company passes from the board to a resolution professional and equity ranks last in any recovery.
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Fact- Admission or rejection of the application by the tribunal
- Appointment of a resolution professional
- Claims admitted against the company
Evidence
How CapitSignal classified this
- Reasoning:
- The approved NCLT applications under Sections 43 and 66 indicate the insolvency process may pursue review of specified past transactions or conduct. The filing does not state the potential financial amount or outcome of these applications.
- Matched on:
- the filing's own subject line
- Confidence in the event type:
- 90%