Vikram Solar CIRP stayed by NCLAT: key dates 2026

What changed after the NCLAT stay

Vikram Solar told exchanges that the National Company Law Appellate Tribunal (NCLAT) has stayed insolvency proceedings against the company until the next date of hearing. The update follows an order by the National Company Law Tribunal (NCLT), Kolkata Bench, admitting an operational creditor petition filed by Isitva Steels Private Limited (ISPL). With the stay, the Corporate Insolvency Resolution Process (CIRP) that had begun under the Insolvency and Bankruptcy Code (IBC), 2016 cannot move ahead for now. The company said the stay applies to the operation of the NCLT order that admitted ISPL’s Section 9 petition. Vikram Solar added that no further steps can be taken by the Interim Resolution Professional (IRP) in light of the NCLAT direction. The company also noted that the NCLAT order was yet to be uploaded on the NCLAT portal at the time of its disclosure. For investors, the development temporarily pauses a process that typically shifts control away from the board and imposes restrictions on recovery actions.

The NCLT Kolkata order that triggered the CIRP

The NCLT Kolkata Bench admitted the insolvency petition filed by Isitva Steels under Section 9 of the IBC, 2016 and ordered the commencement of CIRP against Vikram Solar Limited. The order was pronounced on June 12, 2026, and Vikram Solar said it was made available on June 18, 2026. Another update referenced June 19 as the date on which the NCLT ordered initiation of CIRP after admitting the plea. In its reasoning, the tribunal examined submissions from both sides and rejected Vikram Solar’s objections, holding that the operational debt remained valid. The NCLT also accepted the contractual interest claim and concluded that the default exceeded the prescribed threshold under the IBC framework. Following admission, the NCLT imposed a moratorium on the company. In practical terms, the moratorium is intended to halt certain actions against the company while the resolution process runs.

What Isitva Steels claimed and what Vikram Solar disputed

The petition relates to an operational creditor claim of about ₹9.44 crore. The claim was detailed as a default amount of ₹9.44 crore (₹9,44,12,332), comprising a principal claim of ₹5.22 crore (₹5,22,25,343) and an interest claim of ₹4.21 crore (₹4,21,86,989), stated at 14% per annum. Vikram Solar has disputed the debt and said the claim includes interest of about ₹4.21 crore. In another disclosure, the company’s position also referenced a “full and final settlement” agreement dated December 7, 2019 with ISPL, arguing that this left no scope for further claims. The NCLT, however, rejected Vikram Solar’s objections and treated the operational debt as valid for the purpose of admitting the petition. This dispute over principal, interest, and settlement terms remains central to the legal contest as it moves through appellate review.

What the NCLAT stay means for the IRP and the process

In its filing, Vikram Solar said the NCLAT has stayed the operation of the NCLT Kolkata Bench order admitting ISPL’s petition under Section 9 of the IBC, 2016 until the next date of listing. The company added that, in effect, the stay halts the CIRP against Vikram Solar and no further steps can be taken by the interim resolution professional. This is a significant procedural pause because CIRP typically involves time-bound actions such as collecting claims, managing operations under IRP supervision, and reporting to the tribunal. The company’s filing also clarified that the NCLAT order was yet to be uploaded on the appellate tribunal’s portal at the time of the disclosure. While the stay is in place, the next listed hearing date becomes the key marker for stakeholders.

IRP appointment, board suspension, and creditor claim announcements

As part of the CIRP process initiated by the NCLT, Tripti Agarwal was appointed as the Interim Resolution Professional (IRP). Separately, a public announcement calling for creditor claims under IBBI regulations was issued on June 21, 2026, and was published in Financial Express and Aajkal. The announcement set July 2, 2026 as the last date for submission of claims by creditors. The same update also estimated the closure of the insolvency resolution process by December 9, 2026, reflecting the time-bound design of CIRP. Another set of details stated that the company’s board of directors was suspended following admission into CIRP, and that the IRP would be in charge of managing the company’s affairs during the resolution period. These are standard consequences of admission, although the later NCLAT stay now becomes a critical overlay on what steps can practically continue.

Key dates and numbers at a glance

Stock market reaction tracked after the NCLT admission

Vikram Solar’s shares came under pressure after the NCLT Kolkata Bench admitted the insolvency petition. The stock fell 2% on June 22 and at 11:12 am that day it was trading 2% lower at ₹196.3 per share, as per the market update provided. Another trading snapshot showed the scrip at ₹185.90, down 2.52% at 10:23 AM on the BSE, with a day’s low of ₹181.2. A separate line cited a “current share price” of ₹190.27. Taken together, these data points show that the insolvency admission kept the stock volatile and focused investor attention on the IBC process and court timelines. The company, in its communications around the legal development, maintained that it remains solvent and operational.

What comes next: hearings and legal steps

Vikram Solar said it is consulting legal advisors to explore further remedies and taking steps to protect the interests of the company and its shareholders. The company has also said it is preparing to file an appeal before the NCLAT against the NCLT Kolkata Bench order. A separate update stated that the suspended director, Mr. Sameer Nagpal, filed the appeal and that the NCLAT agreed to hear the matter on June 24, 2026. The next hearing in the matter is also scheduled for July 24, 2026, as per another disclosure. In the interim, the claims process had already been signalled through the June 21 public announcement, with July 2 as the deadline for creditor submissions. Stakeholders will track how the stay is interpreted at the next listing and what directions, if any, are issued for interim administration.

Why this matters for investors and creditors

The case puts operational creditor enforcement under IBC 2016 in sharp focus, particularly around the treatment of interest and the handling of disputes over settlement claims. The petition amount is relatively small in absolute terms, but admission into CIRP can have outsized consequences because it triggers moratorium protections and can shift management oversight to an IRP. For shareholders, the immediate sensitivity is to procedural risk: admission, stay, and appellate timelines can influence governance and disclosure cadence even when the company says it remains operational. For creditors, the public announcement and claims deadline establish a formal process window for submitting dues. The NCLAT stay adds a layer of uncertainty on what steps can proceed until the next hearing. The next set of tribunal orders will therefore be important not because they predict business performance, but because they define the legal operating framework for the company in the near term.

Conclusion

Vikram Solar has secured an NCLAT stay on the operation of the NCLT Kolkata order that admitted Isitva Steels’ Section 9 petition and initiated CIRP. The dispute centres on a ₹9.44 crore operational creditor claim that includes ₹4.21 crore of interest, which the company contests. With hearings scheduled on June 24, 2026 (appeal) and July 24, 2026 (next listed date mentioned), the immediate focus remains on tribunal directions and the extent to which the CIRP process remains paused until further orders.