Authum Investment & Infrastructure Ltd (AIIL) on Saturday said the Mumbai bench of the National Company Law Tribunal (NCLT) has rejected its resolution plan for debt-ridden Vas Infrastructure Ltd, bringing an end to its proposed ₹86.04-crore acquisition of the real estate company through the insolvency process.
The company informed stock exchanges that the NCLT, through its order dated July 7, 2026, rejected the resolution plan under which Authum had been selected as the successful resolution applicant for Vas Infrastructure Ltd (VIL), which is undergoing the Corporate Insolvency Resolution Process (CIRP).
Authum, however, said the tribunal’s decision would have no impact on its business operations.
“We would further like to state that on account of the aforesaid rejection of the resolution plan, there is no impact on the business operations of the Company,” the company said, adding that any further developments would be disclosed in accordance with SEBI’s listing regulations.
The development marks a reversal from April 2025, when Authum had announced that it had received a Letter of Intent (LoI) after emerging as the successful resolution applicant for Vas Infrastructure. At the time, the company had stated that the acquisition was subject to approval by the NCLT and other competent authorities.
According to the earlier disclosure, Authum’s resolution plan envisaged an investment of approximately ₹86.04 crore for acquiring a 94.99% stake in Vas Infrastructure following implementation of the plan and the proposed capital reduction.
Vas Infrastructure, a Mumbai-based listed real estate company engaged in redevelopment of old and dilapidated buildings, entered CIRP following an NCLT order dated March 11, 2024.
Authum had said the acquisition would have served as an investment in the real estate sector, allowing the company to capitalize on the underlying asset value as well as the lease rentals generated from those assets.
