Please find enclosed herewith copy of announcement for your reference.
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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
The NCLT New Delhi Bench, vide its order dated 25 April 2025, has admitted an insolvency petition filed by Findoc Finvest Private Limited against A.F. Enterprises Ltd, initiating the Corporate Insolvency Resolution Process (CIRP) under Section 7 of the Insolvency and Bankruptcy Code. The petition relates to a default of about Rs. 2.44 crore on a loan facility of up to Rs. 5 crore taken in March 2022, of which only Rs. 2.30 crore was disbursed at 12% annual interest. Mr. Sumit Sharma has been appointed as the Interim Resolution Professional (IRP) to manage the company's affairs. A moratorium under Section 14 of the IBC has been declared, freezing recovery actions and asset transfers by the company.
This is a major negative event for shareholders — the existing management is superseded by the IRP, fresh lawsuits and recoveries are stayed, and equity holders face significant risk of dilution or value erosion depending on the outcome of the resolution process. The stock is likely to see sharp negative price action.