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Latest filing: 2026-09-28 17:45
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Vas Infrastructure: Form G Issued Under CIRP; EOIs Invited by October 13, 2026
VAS Infrastructure Limited, which is currently undergoing Corporate Insolvency Resolution Process (CIRP), announced the publication of Form G inviting Expressions of Interest (EOI) for resolution plans. The last date to submit EOIs is October 13, 2026, and the final date for submitting resolution plans is November 23, 2026. The company carries debt of Rs 120 Cr with negative net worth of Rs -259 Cr and nil TTM revenue. Any resolution plan approved could involve substantial capital restructuring or severe equity dilution for existing shareholders.
Confidence: HIGH
What changedThe Resolution Professional has officially invited Expressions of Interest via Form G, initiating the bidding timeline for resolution applicants under IBC.
Why it mattersWith zero revenue and a net worth of Rs -259 Cr against Rs 120 Cr debt, the resolution plan is critical to determine whether the company survives or heads into liquidation.
EOI Submission Deadline: 13 October 2026Resolution Plan Submission Deadline: 23 November 2026Company Debt: Rs 120 CrNet Worth: Rs -259 Cr
📅 Short termMarket participants will monitor the receipt of EOIs by October 13, 2026, to assess whether potential bidders show interest in reviving the company.
📈 Long termResolution plans under CIRP frequently lead to total or near-total dilution of existing public equity or de-listing if liquidation occurs.
⚠ Risk flags
- Severe dilution or complete capital write-down for equity holders under CIRP
- Risk of liquidation if no viable resolution plans are received by November 23, 2026
- Negative net worth of Rs -259 Cr and Rs 120 Cr outstanding debt
Key Highlights
Form G published on September 28, 2026, inviting prospective resolution applicants
Last date for receipt of Expressions of Interest set for October 13, 2026
Final submission deadline for resolution plans scheduled for November 23, 2026
Final list of prospective resolution applicants to be issued by October 23, 2026
👀 What to Watch
Track whether any viable prospective resolution applicants submit EOIs by October 13, 2026, and monitor subsequent NCLT filings for resolution plan approval or liquidation risk.
Canara Bank Rejects Promoter's Section 12A Settlement Proposal for Vas Infrastructure CIRP
Vas Infrastructure Ltd announced that Canara Bank, the sole secured financial creditor with 100% Committee of Creditors (CoC) voting share, has rejected the settlement proposal submitted by promoter Mr. Jayesh Valia. The promoter's proposal dated September 23, 2026, sought withdrawal of the Corporate Insolvency Resolution Process (CIRP) under Section 12A of the IBC. Consequently, the CIRP will continue under Resolution Professional Mr. Bimal Kumar Agarwal. The company carries debt of Rs 120 Cr against a negative net worth of Rs -259 Cr and nil TTM revenue.
Confidence: HIGH
What changedCanara Bank officially rejected the promoter's debt settlement and CIRP withdrawal proposal under Section 12A of the IBC.
Why it mattersThe rejection prevents the promoter from regaining control, meaning the company remains under insolvency, raising the risk of severe equity dilution or liquidation.
CoC voting share of Canara Bank: 100%Company debt: Rs 120 CrSettlement proposal date: September 23, 2026Bank rejection date: September 24, 2026
📅 Short termNegative sentiment is likely to persist as resolution via promoter settlement has failed, keeping the company bound to CIRP timelines.
📈 Long termWith net worth deeply negative at Rs -259 Cr, public equity holders face potential total wipeout or severe dilution depending on the final approved resolution plan or liquidation.
⚠ Risk flags
- Ongoing insolvency process (CIRP) under NCLT
- Negative net worth of Rs -259 Cr and zero revenue generation
- High risk of equity cancellation/dilution in insolvency
Key Highlights
Canara Bank, holding 100% voting share in the CoC, rejected the promoter's settlement proposal on September 24, 2026
Proposal was submitted on September 23, 2026, under Section 12A of the IBC to settle dues and withdraw CIRP
Company remains under CIRP pursuant to NCLT order dated March 11, 2024
Resolution Professional Mr. Bimal Kumar Agarwal was appointed via NCLT order dated August 13, 2026
👀 What to Watch
Track the Resolution Professional's progress on resolution plans submitted by prospective resolution applicants or potential liquidation proceedings under NCLT.
Vas Infrastructure Q1 Results: NCLT Rejects Resolution Plan; Orders Fresh CIRP in 120 Days
Vas Infrastructure's Q1 FY27 results highlight a critical state as the NCLT rejected the resolution plan from Authum Investment on July 7, 2026. The company is now required to restart the Corporate Insolvency Resolution Process (CIRP) from the Information Memorandum stage within a strict 120-day window. Auditors have issued a qualified opinion citing 'Material Uncertainty Related to Going Concern' and noted that Canara Bank classified the company's loan as 'Fraud' in February 2026. Financially, the company remains distressed with zero revenue, Rs 120 Cr in debt, and a deeply negative net worth of Rs -259 Cr.
Confidence: HIGH
What changedThe previous insolvency resolution attempt failed at the NCLT stage, forcing a complete restart of the bidding process for the company's assets.
Why it mattersWith zero operational revenue and massive liabilities, the company's survival is entirely dependent on finding a new buyer under the IBC; failure to do so within the mandated 120 days likely leads to liquidation.
Debt: Rs 120 CrNet Worth: Rs -259 CrCIRP Restart Timeline: 120 daysMarket Cap: Rs 13 CrTTM Revenue: Rs 0 CrDebt to Market Cap Ratio: 923%
📅 Short termNegative sentiment is expected to persist due to the rejection of the resolution plan and the fraud tag by Canara Bank.
📈 Long termExtremely high risk; the company is in a restart phase of insolvency with significant legal hurdles and no current business operations.
⚠ Risk flags
- Corporate Insolvency Resolution Process (CIRP)
- Fraud classification by Canara Bank
- Negative Net Worth
- Zero Revenue
- Liquidation Risk
Key Highlights
NCLT rejected the resolution plan by Authum Investment and Infrastructure Limited on July 7, 2026
Fresh CIRP process must be completed within 120 days from the order date with no extensions allowed
Canara Bank classified the company's loan account as 'Fraud' on February 17, 2026
Company reports zero revenue for the quarter and a negative net worth of Rs -259 Cr
Total debt stands at Rs 120 Cr, which is approximately 9.2 times the current market capitalization of Rs 13 Cr
👀 What to Watch
Monitor the issuance of a fresh 'Form G' (Invitation for Expression of Interest) and the progress of the 120-day resolution timeline; the 'Fraud' classification by a lead lender is a significant hurdle for new bidders.
Vas Infrastructure: NCLT Rejects Resolution Plan, Orders Fresh CIRP Within 120 Days
Vas Infrastructure faces a severe crisis as the NCLT rejected the resolution plan submitted by Authum Investment and Infrastructure on July 7, 2026. The company is now required to re-initiate the Corporate Insolvency Resolution Process (CIRP) from scratch, including a fresh Information Memorandum, to be completed within 120 days. Financial health is critical with a negative net worth of ₹259 Cr and debt of ₹120 Cr, while TTM revenue remains at zero. Additionally, Canara Bank classified the company's loan as 'Fraud' in February 2026, further complicating recovery prospects.
Confidence: HIGH
What changedThe previous resolution plan was rejected by the NCLT, forcing the company to restart the entire insolvency process under a new 120-day deadline.
Why it mattersThe company has zero revenue and massive liabilities; the failure of the resolution plan significantly increases the probability of liquidation and total loss for equity shareholders.
Debt: ₹120 CrNet Worth: ₹-259 CrCIRP Re-initiation Timeline: 120 daysTTM Revenue: ₹0 CrDebt to Market Cap Ratio: 9.23x
📅 Short termNegative sentiment is expected to persist as the company remains in legal limbo with no immediate path to operational recovery.
📈 Long termThe long-term outlook is highly uncertain and depends entirely on the successful identification of a new resolution applicant within 120 days; otherwise, liquidation is likely.
⚠ Risk flags
- Corporate Insolvency Resolution Process (CIRP)
- Negative Net Worth (₹-259 Cr)
- Fraud classification by Canara Bank
- Zero operating revenue
- Going concern uncertainty
Key Highlights
NCLT rejected the resolution plan by Successful Resolution Applicant Authum Investment and Infrastructure on July 7, 2026.
Fresh CIRP process must be completed within a strict 120-day timeline with no extensions allowed.
Canara Bank classified the company's loan account as 'Fraud' on February 17, 2026.
Company reports a negative net worth of ₹259 Cr against a total debt of ₹120 Cr.
Auditors issued a qualified opinion citing material uncertainty over the company's ability to continue as a 'Going Concern'.
👀 What to Watch
Watch for the issuance of a fresh 'Form G' (Invitation for Expression of Interest) and the 120-day timeline for the new resolution process. Investors should note the extreme risk of liquidation given the negative net worth and fraud classification.
