VAS Infrastructure restarts CIRP after NCLT plan rejection

VAS Infrastructure Limited must restart its Corporate Insolvency Resolution Process after the National Company Law Tribunal rejected the previous resolution plan on July 7, 2026 and required a fresh process within 120 days of uploading its order. VAS Infrastructure’s auditors also identified material uncertainty over its ability to continue as a going concern.

Why must VAS Infrastructure restart its CIRP?

VAS Infrastructure must restart its Corporate Insolvency Resolution Process, or CIRP, because the National Company Law Tribunal, or NCLT, Mumbai Bench-II rejected the resolution plan filed by Authum Investment and Infrastructure Limited on July 7, 2026. Authum Investment and Infrastructure Limited had been identified as the successful resolution applicant in IA (IBC)(Plan) No. 41/MB/2025 in CP (IB) No. 314/MB/2023.

The NCLT directed VAS Infrastructure to resume CIRP from preparation of a fresh Information Memorandum and issuance of a fresh Form G, the process document used to invite interest from prospective resolution applicants. The tribunal required these steps to be completed within 120 days from uploading of its July 7, 2026 order and stated that no extension would be allowed. The auditor said the order was uploaded on the NCLT website on August 24, 2026.

VAS Infrastructure was admitted to CIRP under the Insolvency and Bankruptcy Code, 2016, through the NCLT’s March 11, 2024 order in CP (IB) No. 314/MB/2023. That admission suspended the board’s powers and transferred management of the company’s affairs to the resolution professional. The July 2026 direction therefore resets the resolution exercise rather than ending the insolvency proceedings.

What did auditors say about VAS Infrastructure’s going concern?

The auditors said a material uncertainty casts significant doubt on VAS Infrastructure’s ability to continue as a going concern. In their November 3, 2026 limited review for the quarter ended September 30, 2026, they said management had prepared the accounts on a going-concern basis while engaging lenders to arrive at a debt-resolution plan.

Satya Prakash Natani & Co. issued a qualified conclusion on the September 2026 unaudited results. The firm conducted a limited review under Standard on Review Engagements 2410, which it said provides less assurance than an audit, and did not issue an audit opinion. Subject to the matters in its qualified conclusion, the auditor said nothing had come to its attention suggesting a material misstatement in the results under Regulation 33 of the SEBI listing regulations.

The review said books, supporting documents, confirmations and reconciliations for balances including receivables, investments, payables, borrowings and statutory dues were still under reconciliation or verification as part of CIRP. The auditors could not assess the consequential impact, if any, on expected credit-loss or impairment assessments, liabilities, contingent liabilities, creditor claims or the going-concern assumption as of September 30, 2026.

What do VAS Infrastructure’s September 2026 results show?

VAS Infrastructure reported a loss after tax of Rs 6.520 lakh for the quarter ended September 30, 2026, compared with a profit after tax of Rs 8.986 lakh in the quarter ended September 30, 2025. The latest loss was lower than the Rs 12.548 lakh loss reported for the quarter ended June 30, 2026, but represented a reversal from the year-earlier profit.

For the half year ended September 30, 2026, VAS Infrastructure’s loss after tax widened to Rs 19.068 lakh from Rs 8.826 lakh in the corresponding 2025 period. Total income fell to Rs 14.337 lakh from Rs 20.912 lakh, while total expenses rose to Rs 33.405 lakh from Rs 29.738 lakh. Lower income and higher expenses resulted in the larger half-year loss.

VAS Infrastructure reported nil revenue from operations for the quarter and half year ended September 30, 2026. Its half-year total income of Rs 14.337 lakh was recorded as other income, compared with Rs 20.912 lakh of other income in the corresponding 2025 half year. Employee-benefit expense was unchanged at Rs 1.560 lakh, while other expenditure increased by Rs 3.970 lakh.

Which accounting matters remain unresolved at VAS Infrastructure?

VAS Infrastructure’s work-in-progress inventories were carried at historical cost because their net realisable value was unavailable, according to the November 3, 2026 review report. The auditor did not quantify an adjustment to these inventories because the information needed to establish their net realisable value was not available.

The auditors said the financial effect of the unresolved matters was not presently ascertainable at September 30, 2026. This included possible adjustments to asset impairment, completeness and accuracy of liabilities and contingent liabilities, claims submitted to and admitted by the resolution professional, and the going-concern basis used in preparing the results.

VAS Infrastructure prepared the quarter and half-year results under Indian Accounting Standard 34 for interim financial reporting, and the RP Committee approved them on November 3, 2026. The filing also reported nil investor complaints pending on September 30, 2026, nil complaints received during the year, and nil unresolved complaints on November 3, 2026.

Who manages VAS Infrastructure during the renewed CIRP?

VAS Infrastructure is managed by resolution professional Bimal Kumar Agarwal, who replaced the previous resolution professional through an NCLT order dated August 13, 2026. The company said the replacement was made in IA No. 3523/2026 in CP (IB) No. 314/MB/2023, with management of the corporate debtor’s affairs vested in Agarwal.

The auditor said the Committee of Creditors approved and confirmed Agarwal’s appointment in compliance with the July 7, 2026 NCLT direction. Agarwal, as authorised signatory, was responsible for statutory compliance relating to the quarter and half year ended September 30, 2026, while the fresh Information Memorandum and Form G process proceeds.

The RP Committee approved the unaudited standalone results in a meeting held from 4:00 p.m. to 4:30 p.m. on November 3, 2026. VAS Infrastructure’s equity share capital was Rs 15.1294 crore at September 30, 2026, unchanged from June 30, 2026 and September 30, 2025.

Conclusion

The NCLT’s July 7, 2026 rejection of Authum Investment and Infrastructure Limited’s plan requires VAS Infrastructure to seek a new resolution applicant through a restarted CIRP process. The Rs 19.068 lakh half-year loss, nil revenue from operations and the auditor’s qualified conclusion together show that the September 2026 results remain affected by unresolved insolvency and financial-reporting matters.

The next disclosed requirement is the preparation of a fresh Information Memorandum and issuance of a new Form G within 120 days of uploading the NCLT order, without an extension. Readers should watch for VAS Infrastructure disclosures on the renewed applicant process, lender debt-resolution discussions, creditor claims and completion of the reconciliations identified in the November 3, 2026 review.