Outcome of meeting of Committee of Creditors .
Awaiting price reaction for this filing.
Vas Infrastructure Ltd, currently under the Corporate Insolvency Resolution Process (CIRP), held its 23rd CoC meeting on February 26, 2026 via video conferencing, chaired by Resolution Professional Ashok Kumar Golechha. Canara Bank is the sole secured financial creditor, holding 100% voting share. The meeting discussed the NCLT Mumbai order dated February 3, 2026, which directed Canara Bank's officer to appear in person regarding loan transactions with the company, particularly a Transaction Audit examining possible diversion of borrowed funds. Canara Bank informed the CoC that its internal investigation identified account fraud on February 17, 2026, and that it will file an affidavit with the NCLT. The approval of the resolution plan by the NCLT remains pending.
Negative for shareholders — the company remains under insolvency with the Board suspended, and fresh fraud findings by the sole creditor could delay or derail resolution plan approval, further eroding equity value. Shareholders are unlikely to recover anything meaningful given the admitted fraud and ongoing NCLT proceedings.