Vas Infrastructure Promoter's IBC 12A Proposal Rejected by Canara Bank

Vas Infrastructure Limited's promoter, Mr. Jayesh Valia, submitted a proposal to Canara Bank, the sole secured financial creditor, for settlement and withdrawal of the Corporate Insolvency Resolution Process (CIRP) under Section 12A of the IBC. Canara Bank, after examination, has rejected this proposal. Consequently, the CIRP proceedings against Vas Infrastructure Limited will continue as per the Insolvency and Bankruptcy Code.