Vikram Solar insolvency stayed: key dates, ₹9.44 cr claim

The latest update from the appellate tribunal

The National Company Law Appellate Tribunal (NCLAT) has stayed the insolvency proceedings against Vikram Solar until the next date of hearing, the company said in a regulatory filing. The stay relates to the Corporate Insolvency Resolution Process (CIRP) that began after the National Company Law Tribunal (NCLT), Kolkata Bench, admitted an insolvency petition against the company. Vikram Solar said the NCLAT has stayed the operation of the NCLT Kolkata order that admitted the petition filed by Isitva Steels under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC). The company also clarified the practical impact of the stay: no further steps can be taken by the interim resolution professional (IRP) during the period of the stay. An order reflecting this development was yet to be uploaded on the NCLAT portal at the time of the disclosure.

What the NCLAT stay covers

According to Vikram Solar, the NCLAT has stayed the operation of the order passed by the NCLT Kolkata bench that admitted the insolvency petition. This stay is in force until the next date of listing. The company described the stay as effectively pausing the CIRP against Vikram Solar Limited. It said the IRP cannot take further steps while the stay remains in place.

The filing positions the appellate tribunal’s intervention as an immediate relief from the procedural momentum of the CIRP, which typically involves creditor claim collection, verification, and related process steps under IBC timelines. However, the company also noted that the formal order was yet to appear on the NCLAT portal.

The NCLT Kolkata order that triggered the CIRP

The NCLT, Kolkata Bench, admitted the petition under Section 9 of the IBC, 2016, and ordered commencement of CIRP against Vikram Solar Limited. The order was pronounced on June 12, 2026, and the company said it was made available on June 18, 2026. The petition was filed by operational creditor Isitva Steels Private Limited (ISPL).

In its order, the tribunal examined submissions from both sides and rejected Vikram Solar’s objections. It held that the operational debt remained valid. The NCLT also accepted the contractual interest claim and concluded that the default exceeded the prescribed threshold. Following the admission, the NCLT imposed a moratorium on the company.

The creditor claim and the company’s dispute

The petition relates to an operational creditor claim of about ₹9.44 crore. Vikram Solar has disputed the debt and said the claim includes interest of about ₹4.21 crore. The company’s challenge to the NCLT Kolkata order rests on its assertion of a full and final settlement executed on December 7, 2019, which it says should have resolved the matter.

The NCLT, however, did not accept this position while admitting the petition. In the company’s subsequent updates, it said it was consulting legal advisors to explore further remedies to protect the interests of the company and its shareholders.

CIRP actions taken before the stay

After the NCLT admission, Tripti Agarwal was appointed as the Interim Resolution Professional (IRP) as part of the CIRP process. A public announcement in Form A under the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 was published on June 21, 2026. The announcement set July 2, 2026 as the last date for submission of claims by creditors.

The same announcement also estimated the closure of the insolvency resolution process by December 9, 2026. Separately, updates in the provided material also stated that the company’s board of directors was suspended following the admission into CIRP, with the IRP taking charge of managing the company’s affairs during the process.

Appeal status and the next dates to track

Vikram Solar has said it is preparing to file an appeal before the NCLAT against the Kolkata Bench order. In a later update, the company said it has filed an appeal before the NCLAT. Mr. Sameer Nagpal, described as the suspended director of the company, preferred the appeal. The NCLAT agreed to hear the matter on June 24, 2026.

Separately, the next hearing in the matter at the NCLT has been scheduled for July 24, 2026. These dates now sit alongside the creditor-claims deadline of July 2, 2026 that was published in the Form A public announcement.

Key facts at a glance

Stock market reaction to the NCLT admission

Shares of Vikram Solar fell 2% on June 22 after the NCLT Kolkata Bench admitted the insolvency petition filed by ISPL. The provided material also described the stock as falling as much as about 3% during the session. It further stated that the share was trading around ₹198.87 at about 2 pm, down 0.77%.

This price movement coincided with the market digesting the implications of an admitted insolvency petition, including the moratorium and the shift of control to the IRP during the CIRP. The later NCLAT stay, as disclosed by the company, is a separate legal development that pauses further CIRP steps until the next hearing.

Why the stay matters for creditors and the process

A stay on the operation of the admission order directly affects the pace of the CIRP. Vikram Solar said that, as a result of the stay, no further steps can be taken by the IRP. This matters because the CIRP process includes fixed timelines for collecting and collating claims, managing the corporate debtor under the moratorium, and moving towards potential resolution.

At the same time, the NCLT record described in the provided information includes findings on the operational debt’s validity, acceptance of contractual interest, and the conclusion that the default exceeded the threshold. Those findings are central to why the appeal is being heard at the appellate level.

What to watch next

The immediate milestone is the NCLAT hearing scheduled for June 24, 2026. The company has already communicated that the appellate tribunal has granted a stay until the next date of listing. Another key date is July 24, 2026, when the matter is scheduled to come up again at the NCLT.

On the procedural side, the Form A announcement set July 2, 2026 as the deadline for creditor claims submission, and indicated an estimated closure date of December 9, 2026 for the resolution process. How these dates play out will depend on subsequent directions from the tribunals and the status of the stay, based on what is formally ordered and recorded.