Canara Bank rejected a proposal to withdraw CIRP from VAS Infrastructure’s Promoter Jayesh Valia Back

<p>VAS Infrastructure Limited, undergoing Corporate Insolvency Resolution Process (CIRP) since a March 11, 2024 order by the National Company Law Tribunal, Mumbai Bench, announced that a proposal from Promoter Jayesh Valia to settle dues and withdraw the CIRP under Section 12A of the Insolvency and Bankruptcy Code, 2016, was rejected by Canara Bank Limited, the sole secured financial creditor holding 100% of the voting share in the Committee of Creditors.</p>