Prior intimation - Consideration of Resolution Plan by Hon''ble National Company Law Tribunal (NCLT) , Mumbai Bench in respect of M/S. VAS INFRASTRUCTURE LTD (the Company / Corporate Debtor )
Awaiting price reaction for this filing.
Vas Infrastructure Ltd has submitted a prior intimation to BSE that the Hon'ble National Company Law Tribunal (NCLT), Mumbai Bench will consider a Resolution Plan in respect of the company. The company is referred to as a 'Corporate Debtor,' indicating it is under Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code (IBC), 2016. This intimation signals that the insolvency resolution process is progressing, with NCLT now set to evaluate and potentially approve the resolution plan submitted by creditors or the resolution professional.
For shareholders, NCLT's consideration of a resolution plan is a critical milestone in the insolvency process. If approved, it could lead to a change in ownership or company revival; if rejected, the company may face liquidation. Investors should monitor outcomes closely as this significantly impacts the company's future.