**VAS Infrastructure Limited** is an Indian public entity historically engaged in the **Real Estate** and **Infrastructure** sectors. The company’s portfolio encompasses the construction, development, sale, and management of residential townships and commercial premises. Currently, the company is in a critical transition phase, operating under the **Corporate Insolvency Resolution Process (CIRP)** as mandated by the **Insolvency and Bankruptcy Code (IBC), 2016**. --- ### **Current Insolvency Status and Resolution Roadmap** The company’s operations and management are currently governed by legal proceedings following a default on debt obligations. * **CIRP Initiation:** Triggered by the **Hon'ble National Company Law Tribunal (NCLT)**, Mumbai Bench, on **March 11, 2024**, following an application by **Canara Bank**. * **Management Control:** The powers of the Board of Directors are **suspended**. Affairs are managed by the **Resolution Professional (RP)**, Mr. **Ashok Kumar Golechha**. * **Resolution Progress:** A formal resolution plan has been approved by the **Committee of Creditors (CoC)** and is awaiting final sanction from the NCLT. | Milestone | Status / Date | | :--- | :--- | | **Resolution Applicant** | **Authum Investment & Infrastructure Limited** | | **CoC Approval Date** | **March 29, 2025** | | **NCLT Filing Date** | **April 4, 2025** | | **Next Hearing Date** | **February 03, 2026** (NCLT Mumbai Bench) | --- ### **Financial Performance and Capital Erosion** The company has faced severe financial distress characterized by declining revenues and mounting debt servicing costs. | Particulars (₹ in Lacs) | FY 2023-24 | FY 2022-23 | | :--- | :--- | :--- | | **Turnover** | **(41.97)** | **161.97** | | **Profit/(Loss) Before Dep., Finance & Tax** | **(909.71)** | **138.52** | | **Finance Costs** | **5,504.49** | **4,831.23** | | **Net Profit/(Loss) After Tax** | **(6,225.90)** | **(4,704.88)** | | **Accumulated Losses** | **30,114.00** | **23,887.93** | | **Net Cash Flow (Operating)** | **(1,054.47)** | **7,289.46** | **Key Financial Observations:** * **Net Worth Erosion:** Accumulated losses of **₹301.14 crore** have completely eroded the company's net worth. * **Going Concern Uncertainty:** Auditors have issued a **Material Uncertainty** notice regarding the company's ability to continue as a going concern. * **Dividend Status:** No dividends have been declared for the recent fiscal cycles. --- ### **Debt Profile and Creditor Relations** The company’s insolvency was primarily driven by a total default of approximately **₹301.07 crore** to **Canara Bank**. * **Failed Settlement:** A **One Time Settlement (OTS)** of **₹111.5 crore** was reached in February 2022; however, the company defaulted after paying only the initial **₹6 crore**. * **Loan Default Details (as of Aug 2022):** * **Principal Default:** **₹11,431.30 Lakhs** * **Interest Accrued:** **₹22,167.14 Lakhs** * **NPA Classification:** Dated back to **August 29, 2015**. * **Asset Security:** While immovable properties are held in the company's name, all title deeds are currently **mortgaged with bankers**. --- ### **Operational Framework and Strategic Assets** Despite the suspension of new projects during the CIRP, the company maintains a structured operational foundation. * **Core Segments:** Residential Development (townships), Commercial Real Estate, and Infrastructure construction. * **Strategic Investment:** Holds **9,17,226 Equity shares** in **VAS Educomp Pvt. Ltd.**, valued at **Rs. 82 Crores**. * **Geographic Focus:** Operations are exclusively within **India**, with a specific strategic interest in the **Borivali (West and East)** markets of Mumbai. * **Resource Sourcing:** The company utilizes related-party transactions for raw materials and brand licensing. For FY 2024-25, an aggregate limit of **Rs. 10 Crores** was approved for such transactions, conducted on an **arm’s length basis**. --- ### **Post-Resolution Growth Strategy** Upon successful implementation of the resolution plan by **Authum Investment & Infrastructure Limited**, the company intends to pivot toward modern real estate trends: * **Portfolio Modernization:** Focus on **Green and sustainable buildings**, **Affordable housing**, and **Urban redevelopment**. * **Smart Infrastructure:** Exploring opportunities in **Smart City** projects. * **Regulatory Alignment:** Strict adherence to **RERA** (using mandatory carpet area specifications) and **GST** frameworks to restore consumer trust. * **Rebranding Initiative:** A proposal to change the corporate name to **Jay Vishvas Construction Limited** to better reflect its core construction activities and distance the brand from past insolvency. --- ### **Critical Risk Factors** Investors should note the following high-impact risks currently facing the entity: * **Fraud Allegations:** In **February 2026**, **Canara Bank** classified the company's account as **fraud**. The NCLT has requested clarification regarding the potential **diversion of borrowed funds**. * **Governance Deficits:** The company is currently non-compliant with SEBI and Companies Act requirements, lacking the mandatory **3 directors** and a full-time **Company Secretary** (vacant since Jan 2024). * **Statutory Delinquency:** Irregularity in depositing dues, including an outstanding **Dividend Distribution Tax** liability of **₹39.45 lakh** (including interest) dating back to 2015. * **Market & Execution Risks:** Exposure to high **inflationary pressures** on raw materials, long gestation periods for land procurement, and the inherent volatility of the Indian real estate market. * **Regulatory Litigation:** The company faces potential fines and lengthy legal battles related to evolving environmental and construction laws.