NCLAT stays insolvency proceedings against Vikram Solar
The National Company Law Appellate Tribunal (NCLAT) has stayed the corporate insolvency resolution process (CIRP) initiated against Vikram Solar Limited by the National Company Law Tribunal (NCLT), Kolkata Bench. The interim relief, granted on June 24, 2026, suspends the insolvency proceedings and bars the interim resolution professional (IRP) from taking any further action until the next hearing.
According to a stock exchange filing by the company, the NCLAT has stayed the operation of the NCLT’s order admitting the insolvency petition.
Appeal against NCLT order
The insolvency proceedings were initiated after the NCLT admitted a petition filed by operational creditor Isitva Steel Private Limited under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, on June 12, 2026.
The dispute relates to unpaid dues arising from civil works executed by Isitva Steel for a solar project of the Andhra Pradesh Power Generation Corporation (APGENCO). Vikram Solar had awarded the contract in February 2018, and the work was completed in December 2018.
Isitva Steel claimed that retention money, pending bills and interest amounting to Rs 91,98,556 remained unpaid.
Vikram Solar had argued before the NCLT that the parties had entered into a full and final settlement in December 2019 and that the remaining dispute related to settlement instalments rather than operational debt. The tribunal, however, held that the claim qualified as operational debt under the IBC and admitted the insolvency petition.
NCLAT grants interim relief
The NCLT order was challenged before the NCLAT by Vikram Solar’s suspended director, Sameer Nagpal.
During the hearing on June 24, 2026, counsel for the appellant informed the tribunal that the company was willing to deposit the entire admitted claim of Rs 91,98,556. Counsel for Isitva Steel did not object and confirmed that the amount would constitute full and final settlement of its claim.
The NCLAT subsequently stayed the operation of the NCLT order until the next hearing, scheduled for June 29, 2026.
Company highlights financial position
In its stock exchange filing, Vikram Solar said it remains financially sound and continues normal business operations.
The company reported revenue of Rs 4,802.25 crore and a profit after tax of Rs 470.42 crore for FY26. It also stated that it had no long-term debt as of March 31, 2026, while working capital net debt stood at Rs 64 crore, resulting in a debt-to-equity ratio of 0.03.
The company added that its net working capital cycle improved to 44 days in FY26 from 82 days in the previous financial year.
