Spright Agro Enters NCLT Insolvency

Default Amount: Rs 8.66 crore.
Resolution Process: CIRP initiated under Section 9 of IBC, 2016.

Reader Takeaway: Management control has shifted to the IRP, signaling high financial distress and uncertainty for stakeholders.

What just happened

The NCLT Ahmedabad Bench has admitted a petition by Agrirevolve Trading Private Limited against Spright Agro Ltd, citing a default of Rs 8.66 crore. The order, passed on September 24, 2026, mandates the initiation of the Corporate Insolvency Resolution Process (CIRP) as per the Insolvency and Bankruptcy Code (IBC).

Why this matters

The initiation of CIRP signifies that Spright Agro is in acute financial stress. The existing board's powers are suspended, and the company's management is now vested in the Interim Resolution Professional (IRP), Mr. Rajesh Jasti. The IRP will manage the company as a 'going concern' while overseeing the asset verification and claims process.

What changes now

All management and operational control of Spright Agro has been transferred from the promoters to the IRP. The IRP is now legally responsible for taking charge of the company’s assets and inviting claims from creditors. The board has no authority to make strategic or financial decisions until the resolution process concludes.

Risks to watch

Investors face substantial risks, including the potential for significant loss of equity value. The process may culminate in a resolution plan or, if no viable plan emerges, potential liquidation. The ability of the IRP to maintain operations and the total volume of claims submitted by creditors will determine the company's future.

What to track next

Stakeholders should monitor upcoming public announcements by the IRP regarding the claims submission window. Further disclosures regarding the progress of the resolution process will be shared through official exchange filings.