News Stocks Vas Infrastructure Limited Holds 23rd Committee of Creditors Meeting on February 26, 2026Vas Infrastructure Limited Holds 23rd Committee of Creditors Meeting on February 26, 2026
Vas Infrastructure Limited held its 23rd Committee of Creditors meeting on February 26, 2026, under CIRP proceedings. Canara Bank, holding 100% voting share, participated alongside Resolution Professional Ashok Kumar Golechha. The meeting discussed NCLT order dated February 3, 2026, directing Canara Bank to appear in person and file transaction audit reports. Canara Bank confirmed identifying account fraud on February 17, 2026, and committed to filing necessary affidavits as directed by the tribunal.
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Vas Infrastructure Limited conducted its 23rd Committee of Creditors (CoC) meeting on February 26, 2026, as part of the ongoing Corporate Insolvency Resolution Process (CIRP). The meeting was held through video conferencing and chaired by Resolution Professional Ashok Kumar Golechha.
Meeting Composition and Attendance
The CoC meeting saw participation from key stakeholders with Canara Bank holding the entire 100% voting share. The bank was represented by multiple officials including Assistant General Manager Rakeshchandra Shadilya, Chief Manager Seema Somkuwar, and other senior managers from both SAM Branch and Head Office.
| Participant Category | Representative | Role |
|---|---|---|
| Secured Financial Creditor | Canara Bank | 100% Voting Share |
| Resolution Professional | Ashok Kumar Golechha | Chairman |
| RP Team | Bhagyashri Taparia | Support |
| Suspended Director | Dhrupc Chand Verma | Observer |
| Legal Counsel | Yahya Batatawala | Special Invitee |
Key Agenda Items Discussed
The meeting addressed several critical matters related to the CIRP proceedings. The Resolution Professional confirmed the quorum with Canara Bank's 100% voting representation and proceeded with the agenda items as circulated with the meeting notice.
The CoC members took note of the minutes from the 22nd meeting held on January 21, 2026, which had been circulated on January 23, 2026. No comments or observations were received from members, leading to approval with CoC consent.
NCLT Proceedings and Account Fraud
A significant portion of the meeting focused on the National Company Law Tribunal (NCLT) order dated February 3, 2026. The Resolution Professional briefed the CoC members about the proceedings before the Hon'ble NCLT Mumbai Bench regarding Vas Infrastructure Limited.
| Development | Date | Details |
|---|---|---|
| NCLT Order | February 3, 2026 | Directed Canara Bank officer to appear in person |
| Account Fraud Identification | February 17, 2026 | Canara Bank internal investigation |
| Required Action | Pending | Affidavit filing by Canara Bank |
The NCLT specifically directed that the Authorized Officer of Canara Bank must appear in person before the Bench to respond to queries regarding loan transactions with the Corporate Debtor. Additionally, the tribunal requested a copy of the Transaction Audit report to be placed on record through affidavit, clarifying whether the audit revealed evidence of borrowed fund diversion.
Bank's Response to Fraud Investigation
Canara Bank informed the CoC that based on their internal investigation, they identified account fraud on February 17, 2026. The bank confirmed that necessary affidavits will be filed as per the NCLT's directions regarding the transaction audit and evidence of fund diversion.
The meeting concluded with the CoC taking note of the progress made since the 22nd meeting, with detailed progress reports attached as Annexure A to the meeting minutes.
Historical Stock Returns for Vas Infrastructure
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +4.90% | -0.29% | -11.53% | -44.85% | +35.44% | +101.17% |
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