Vikram Solar insolvency case stayed by NCLAT in 2026

What changed for Vikram Solar

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 stay relates to the National Company Law Tribunal (NCLT), Kolkata bench order that admitted an insolvency petition filed by Isitva Steels under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The company said the NCLAT has stayed the operation of the NCLT admission order, which effectively pauses the Corporate Insolvency Resolution Process (CIRP). Vikram Solar also stated that no further steps can be taken by the interim resolution professional (IRP) while the stay remains in force. The company added that the NCLAT order is yet to be uploaded on the NCLAT portal.

The petition that triggered the CIRP

The NCLT Kolkata bench admitted the Section 9 petition filed by operational creditor Isitva Steels Private Limited (ISPL). The petition relates to an operational creditor claim of about ₹94.4 million. The dispute is linked to a solar EPC power project in Andhra Pradesh, where civil works were subcontracted to ISPL, according to details shared in market reports based on company disclosures. Vikram Solar has contested the claim and said there was a full and final settlement between the parties on December 7, 2019. Despite the objections, the NCLT admitted the petition and initiated CIRP.

What the NCLT Kolkata order said

As per the information reported from the tribunal proceedings, the NCLT admitted the petition 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 the company said it was made available on June 18, 2026. The tribunal examined submissions from both sides and rejected Vikram Solar’s objections, holding that the operational debt remained valid. It also accepted the contractual interest claim and concluded that the default exceeded the prescribed threshold. Following admission, the NCLT imposed a moratorium on the company.

Appointment of the interim resolution professional

Following the NCLT admission, Tripti Agarwal was appointed as the Interim Resolution Professional (IRP). Separately, reports on the CIRP update stated that the company’s board of directors was suspended and the IRP would manage the company’s affairs during the resolution process. Vikram Solar said it was consulting legal advisors to explore further remedies and taking steps to protect the interests of the company and its shareholders. The NCLAT stay now limits what the IRP can do until the next hearing date, based on the company’s filing.

The NCLAT stay and what it means

In its regulatory disclosure, Vikram Solar said the NCLAT has stayed the operation of the NCLT order admitting the Section 9 petition. The company clarified that the stay effectively pauses the corporate insolvency resolution process and that no further steps can be taken by the IRP. The stay remains valid until the next date of listing, as per the filing. The company also noted that the order has not yet been uploaded on the NCLAT portal, indicating that stakeholders may rely on the exchange filing for the latest position until the document is publicly available.

Claims process and public announcement

A public announcement regarding claims in the CIRP, as per Insolvency and Bankruptcy Board of India (IBBI) regulations, was published in Financial Express and Aajkal on June 21, 2026, according to the company’s CIRP update. The claims process is a standard part of the IBC framework once CIRP is initiated. The NCLAT stay, as described in the filing, pauses further steps by the IRP, but the published announcement remains a documented step that occurred after the NCLT admission.

Stock reaction and investor focus

The insolvency admission brought the IBC process into focus for investors. Shares of Vikram Solar fell 2% on June 22 after the NCLT Kolkata bench admitted the insolvency petition filed by ISPL. At 11:12 am on June 22, the stock was trading 2% lower at ₹196.3 per share. Another market update mentioned the stock trading around ₹198.87 later in the session, down 0.77% at around 2 pm. The stock movement reflected the sensitivity around insolvency-related headlines, even as the company maintained in market coverage that it remains solvent and operational.

Key facts at a glance

Timeline of the legal process

Market impact and what to track next

The NCLAT stay is material because it pauses the next steps under CIRP, which can affect management control, creditor actions, and disclosure obligations. For investors, the key variables remain the status of the stay, the next hearing outcomes, and any subsequent directions from NCLAT. The company has indicated it is pursuing legal remedies and consulting advisors, while the operational creditor claim amount and the tribunal’s reasoning remain central to the dispute. Another immediate point to watch is the publication of the NCLAT order on the tribunal portal, since the company has said it is yet to be uploaded.

Conclusion

Vikram Solar has informed exchanges that NCLAT has stayed the NCLT Kolkata order that initiated CIRP based on an operational creditor petition by Isitva Steels. The stay, effective until the next date of hearing, restricts further actions by the IRP for now. The next listed hearing dates cited in disclosures and coverage, including June 24 and July 24, will be important milestones for the legal process and market clarity.