Key Quantitative Figures
The monetary judgments in favor of ADF Foods (USA) Ltd. aggregate approximately US$ 2.31 million plus applicable interest. Under the Forbearance Agreement, the subsidiary has conditionally agreed to accept US$ 1.75 million plus applicable interest towards satisfaction of these judgments.
Dates of Action
The Forbearance Agreement was executed on 9th October, 2026. The initial payment of US$450,000 was received by the subsidiary on 9th October, 2026. The balance payment schedule commences in November 2026 and extends over a maximum of 52 months.
Parties Involved
The litigation involves ADF Foods (USA) Ltd. (Company's step-down wholly owned subsidiary) as the plaintiff and Ascot Valley Foods Ltd. and its affiliates as the opposing parties. The case is before the United States District Court, Southern District of New York.
Payment Terms
The settlement structure includes:
- Initial payment: US$450,000 (received on 9th October, 2026)
- Balance amount: US$1.30 million plus interest
- Monthly instalments: At least US$25,000
- Maximum repayment period: 52 months
- Commencement: November 2026
Conditions and Protections
Ascot is required to withdraw its appeal. The permanent injunction protecting the subsidiary's proprietary recipes and trade secrets remains fully effective. The subsidiary retains its rights to enforce the original judgments (after crediting payments received) in the event of default. Satisfaction of the judgments is conditional upon full payment under the agreement.
Additional Information
The disclosure will be made available on the company website at www.adf-foods.com. This update follows previous intimations dated 28th June, 2026 and 14th August, 2026 regarding the same litigation.