AF Enterprises has regained management control following the National Company Law Tribunal’s approval of the withdrawal of its Corporate Insolvency Resolution Process. The board of directors took note of the development in a meeting held on August 24, 2026.

The New Delhi bench of the NCLT passed the order on August 6, 2026, under Section 12A of the Insolvency and Bankruptcy Code, 2016. The tribunal approved the withdrawal of the CIRP in the matter of M/s Findoc Finvest Private Limited vs. M/s AF Enterprises Limited. The company had previously disclosed the tribunal’s order to stock exchanges on August 8, 2026, pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Resumption of Operations

With the CIRP proceedings withdrawn, management control reverts to the company. The board resolved that the firm will take necessary steps to resume its management and operations. This includes completing the takeover and handing-over process from Resolution Professional Sumit Sharma, in accordance with applicable provisions and directions of the NCLT.

The board also directed that all pending statutory, regulatory, corporate, financial, and other applicable compliances be reviewed and undertaken on a priority basis. Necessary actions will be taken to regularize and update records and compliances in the interest of all stakeholders.

What the Numbers Show

The withdrawal of the CIRP marks a definitive end to the insolvency proceedings that had suspended the company’s operational autonomy. The reversion of control allows the existing management to address pending regulatory and financial compliances without the oversight of a resolution professional, potentially accelerating the normalization of corporate governance structures.

The National Company Law Tribunal (NCLT) has reserved its order regarding the Corporate Insolvency Resolution Process (CIRP) initiated against AF Enterprises under Section 7 of the Insolvency and Bankruptcy Code, 2016. The tribunal delivered the order on June 10, 2025, following a hybrid hearing. The company received the official copy of this reserved order on June 19, 2026.

The proceedings stem from an application filed by M/s. Findoc Finvest Pvt. Ltd., the applicant, against AF Enterprises, the respondent. The matter was heard by a bench comprising Justice Jyotsna Sharma, Hon'ble Member (Judicial), and Ms. Anu Jagmohan Singh, Hon'ble Member (Technical). During the hearing, counsel for the Resolution Professional presented arguments, while no representation was present for the applicant.

The order specifically concerns Interlocutory Applications IA/2929/2025 and IA/3731/2025. The tribunal noted that the matter was reserved for orders after hearing the learned counsel for the Resolution Professional. The case is registered under item number 610 with reference numbers IB-537/ND/2023 at the NCLT, New Delhi, Court – VI.

AF Enterprises disclosed this information to BSE Limited pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The disclosure was read with Schedule III of the regulations. The company is currently undergoing the Corporate Insolvency and Resolution Process.

The following table details the parties involved in the proceedings: