Vas Infrastructure: NCLT Rejects ₹86-Cr CIRP Plan

Stock snapshot and why the case matters

Vas Infrastructure Ltd (VASINFRA) is trading at ₹8.10 per share, with a market capitalisation of about ₹12 crore. The company is in the middle of a Corporate Insolvency Resolution Process (CIRP), making regulatory and tribunal updates central to the stock’s near-term narrative. The key development is the National Company Law Tribunal (NCLT), Mumbai Bench rejecting the resolution plan that had selected Authum Investment & Infrastructure Ltd as the successful resolution applicant. That rejection also triggered changes in the insolvency professional handling the process. For shareholders and creditors, the sequence of tribunal orders, exchange intimations, and committee actions sets the direction of the insolvency framework from here.

What Vas Infrastructure does

Vas Infrastructure develops residential and commercial real estate and manages housing projects and townships. The company has also been described as operating across land development, building construction, and infrastructure facilities for industrial, commercial, and residential complexes. This operating profile is important because the dispute before the tribunal touched upon how the company’s project rights were represented during the CIRP. In insolvency processes involving real estate developers, the nature of development rights and ownership claims often becomes a sensitive issue. That context sits behind the tribunal’s observations while rejecting the plan.

NCLT order: resolution plan rejected

BSE disclosures and published reports indicate that the NCLT, Mumbai Bench, rejected the resolution plan through an order dated July 7, 2026. The plan under consideration had Authum Investment & Infrastructure Ltd (AIIL) as the successful resolution applicant for Vas Infrastructure Ltd (VIL). A separate disclosure also referred to an “Intimation under Regulation 30” on the rejection of the resolution plan by the Hon’ble NCLT, Mumbai Bench. In the reporting around the matter, the proposed acquisition value was described as ₹86.04 crore, and the tribunal also referred to rejecting a ₹85.05 crore resolution plan.

What the tribunal said about irregularities

In the cited tribunal discussion, the Resolution Professional’s explanation for wrongly portraying Vas Infrastructure’s development rights as ownership rights was described as “shocking and bewildering.” The NCLT held that the CIRP stood vitiated by material irregularities and rejected the plan on that basis. The case reference included “ASHOK KUMAR GOLECHHA” and identified it under I.A. (I.B.C) (Plan) No.41/MB/2025, INVP No.74/2025 and related filings, with a reported citation of 2026 LLBiz NCLT (MUM) 697. These specifics matter because they indicate the tribunal’s concern was not limited to commercial terms, but also to the conduct and accuracy of representations within the process.

Timeline: hearing, rejection, and disclosures

The broader timeline shows the plan was heard and orders progressed over several months. The NCLT Mumbai Bench (Court-II) had reserved its order on May 7, 2026 after concluding the hearing for IA No. 41 of 2025 related to the plan submitted by Authum for Vas Infrastructure under the Insolvency and Bankruptcy Code, 2016. The plan was later rejected by order dated July 7, 2026. A stock exchange intimation referencing the rejection was dated July 8, 2026 (BSE source). Separately, a published report dated July 13, 2026 stated that the rejection brought an end to Authum’s proposed acquisition of the company through the insolvency process.

Resolution professional replacement during CIRP

A subsequent operational change in the insolvency process was the replacement of the Resolution Professional (RP). Vas Infrastructure appointed Bimal Kumar Agarwal as its new resolution professional after the NCLT Mumbai Bench approved the replacement of Ashok Kumar Golechha on August 13, 2026. The Committee of Creditors approved the change with 100% assent at its meeting on July 9. The company remained under CIRP through these developments, underscoring that the process continues even though the earlier plan was rejected.

Authum’s update to exchanges

Authum Investment & Infrastructure Ltd informed stock exchanges about the tribunal’s rejection of its plan for Vas Infrastructure. In that communication, Authum stated that due to the rejection of the resolution plan, there was no impact on the business operations of Authum, and it would disclose further developments in line with SEBI listing regulations. That statement is relevant for investors tracking both companies because it clarifies that the legal outcome was positioned as a deal-related setback rather than an operational disruption for Authum. It also reinforces that future updates would likely come through formal exchange filings.

Key facts at a glance

Market impact and what investors can track

For a microcap such as Vas Infrastructure, tribunal milestones can be more consequential than routine quarterly updates, especially when the company is in CIRP. The rejection of the plan indicates the earlier route to resolution through that specific applicant has closed, at least under the rejected structure. At the same time, the appointment of a new resolution professional signals that the creditor-led process is moving into a new phase. Investors tracking VASINFRA will typically watch for the next set of exchange disclosures on CIRP steps, committee meetings, and any further tribunal directions that follow the rejection.

Conclusion

Vas Infrastructure remains under CIRP after the NCLT, Mumbai Bench rejected the Authum-backed resolution plan, citing material irregularities and concerns over how rights were presented. The process also saw a resolution professional change, with Bimal Kumar Agarwal appointed after creditor approval and tribunal clearance. With the earlier plan rejected by the July 7, 2026 order, the next meaningful signals are likely to come through formal BSE filings and any subsequent NCLT proceedings linked to the ongoing insolvency process.