AF Enterprises Limited filed a regulatory disclosure under SEBI Regulation 30 regarding the withdrawal of Corporate Insolvency Resolution Process (CIRP) against the company.
The National Company Law Tribunal (NCLT), New Delhi Bench (Court VI), approved the withdrawal of CIRP under Section 12A of the Insolvency and Bankruptcy Code, 2016, via its order dated August 06, 2026. The main petition CP (IB) No. 537/ND/2023 stands withdrawn, and the Corporate Debtor is released from CIRP.
Key Details from SEBI Master Circular Disclosure:
- Authority: National Company Law Tribunal (NCLT), Court VI, New Delhi Bench
- Order Date: August 06, 2026
- Application Details: IA 3731/2025 in CP (IB) No. 537/ND/2023 (under Section 12A of IBC, 2016)
- Parties Involved:
- Applicant: Mr. Sumit Sharma (Resolution Professional)
- Financial Creditor: M/s Findoc Finvest Private Limited
- Corporate Debtor: M/s AF Enterprises Limited
Nature of Action Taken:
1. Withdrawal of CIRP petition granted under Section 12A of IBC read with Regulation 30A of CIRP Regulations following full & final settlement between parties
2. Application IA 2929/2025 under Section 19(2) dismissed as infructuous
Settlement Details:
- Settlement Agreement dated 07.07.2025 executed for ₹3,00,00,000 (Three Crores)
- 100% Committee of Creditors (CoC) approval obtained for CIRP withdrawal
- Management control reverts back to the company management
- Refund of Earnest Money Deposits (EMDs) completed for prospective resolution applicants
Financial Impact:
The CIRP against the Company stands terminated, and management control reverts back to the Company. The settlement amount of ₹3 crore represents full and final discharge of the loan liability.
CIRP Cost Details:
Total CIRP costs amounted to ₹4,59,741. The suspended directors/confirming party deposited ₹2,29,741 on 21.07.2025 into the designated CIRP bank account. A demand draft dated 21.07.2025 for the balance amount of ₹2,30,000 was prepared and a photocopy furnished to the Resolution Professional, with assurance that the original would be handed over upon filing of the application.
Background Proceedings:
The CIRP was initiated against AF Enterprises Limited vide NCLT order dated 25.04.2025. The Committee of Creditors was constituted with Findoc Finvest Pvt. Ltd. as its sole member holding 100% voting share. A settlement was reached on 07.07.2025 between the suspended directors and the financial creditor, which was acknowledged by NCLAT in its order dated 10.07.2025 in Company Appeal (AT)(Ins) No. 851 of 2025.
Additional Applications:
IA 2929/2025 filed under Section 19(2) of IBC was dismissed as infructuous following the withdrawal of the main petition.