NCLT Ahmedabad admits Section 9 insolvency application; IRP appointed, Board powers suspended

NCLT Ahmedabad has admitted an application under Section 9 of the IBC to start the Corporate Insolvency Resolution Process (CIRP) against Spright Agro Ltd (Scrip Code 531205).

Tue 6 Oct 2026

NCLT Order

CP(IB)/86(AHM)/2026 dated 24/09/2026

Exchange Intimation Date

06/10/2026

Interim Resolution Professional

Rajesh Jasti

What has happened

Spright Agro Ltd (Scrip Code 531205) has informed BSE that the Hon'ble National Company Law Tribunal (NCLT), Ahmedabad Bench, vide order no. CP(IB)/86(AHM)/2026 dated 24/09/2026, has admitted an application shared under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) for initiating the Corporate Insolvency Resolution Process (CIRP) against the company. The intimation to the exchange is dated 06/10/2026.

CIRP in simple terms

CIRP is a court-supervised process under the IBC in which a company's insolvency is examined and dealt with. Once the application is admitted, the running of the company moves from its Board of Directors to a professional appointed for the process.

Who is in charge now

• Rajesh Jasti has been appointed as the Interim Resolution Professional (IRP) for the company.
• In accordance with Section 17 of the IBC, the powers of the Board of Directors of the company stand suspended.
• Those powers are now vested in and exercised by the IRP.
• The management and operations of the company shall be managed by the IRP as a going concern.

Contact given in the update

• Email ID for correspondence: cirp.sprightagrolimited@gmail.com
• The IRP's IBBI registration number is IBBI/IPA-001/IP-P02317/2020-21/13469.

How this is generally perceived

Admission of an insolvency application and the suspension of the Board's powers is generally viewed as a significant negative development, because control of the company passes to an interim professional appointed under the process, even as the company continues to be managed as a going concern. The update records the position as it stands after the NCLT order.

Nothing here is a view, opinion or recommendation of ScoutQuest, its parent, directors or employees. ScoutQuest is a technology company: this page was assembled automatically from public sources using artificial intelligence, and may contain errors or omissions. Confirm everything against the original source before you act on it. Any use of this page is at your own risk, and neither ScoutQuest nor its parent, directors or employees accepts liability for it.