Astron Paper faces E-Auction of Secured Assets by Union Bank of India
Astron Paper & Board Mill Limited's secured assets will be auctioned by Union Bank of India on March 13, 2026, due to a debt of ₹83.07 crore as of December 31, 2025. The auction includes office spaces, industrial land, and plant machinery across multiple locations.
The auction of significant secured assets, including land, buildings, and machinery, will have a substantial negative impact on the company's operations and financial standing.
The company's secured assets are being put up for auction by the bank, indicating severe financial distress and potential loss of assets.
Astron Paper & Board Mill Limited has been informed by Union Bank of India, acting as the lead secured creditor on behalf of a consortium of banks including Bank of Maharashtra, ICICI Bank, Axis Bank, and SBM, about an E-Auction Sale notice for the company's immovable secured assets. This action is being taken under the provisions of the SARFAESI Act, 2002.
The secured debt against the company, M/s Astron Paper and Board Mill Ltd, stood at ₹83,07,09,943.13 as of December 31, 2025, with further interest and costs applicable. The Guarantors for this debt are Mr. Kirit Ganshyambhai Patel, Mr. Ramakant Patel, and Mr. Karsanbhai Patel.
The E-Auction is scheduled to take place on March 13, 2026, between 12:00 PM and 05:00 PM. The properties put up for auction include several office spaces in Ahmedabad located at Ganesh Meridian, along with non-agricultural industrial land and associated structures in Village Sukhpar, Taluka Halvad, District Morbi/Surendranagar. Additionally, the plant and machinery installed at the factory site in Village Sukhpar and Survey No. 64/1, Village Chubadak, Taluka Bhuj, District Kutchh, along with their respective machinery, are also part of the auction.
The auction will be conducted online through the portal https://baanknet.com. This disclosure is made in compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, for the information of all stakeholders.
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