Vikram Solar shares slip 2% after NCLT admits CIRP

What triggered the stock move on June 22

Shares of Vikram Solar fell 2% on June 22 after the National Company Law Tribunal (NCLT), Kolkata Bench, admitted an insolvency petition filed by Isitva Steels Private Limited (ISPL). At 11:12 am on June 22, the stock was trading 2% lower at ₹196.3 per share. 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 legal development brought the Insolvency and Bankruptcy Code (IBC), 2016 process into focus for investors, even as the company maintained that it remains solvent and operational.

NCLT order: Section 9 admission and CIRP start

The NCLT admitted the petition under Section 9 of the IBC, 2016, and ordered the commencement of the Corporate Insolvency Resolution Process (CIRP) against Vikram Solar Limited. The order was pronounced on June 12, 2026, and the company said the order 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 the admission, the NCLT imposed a moratorium on the company.

Interim Resolution Professional appointed

As part of the CIRP process, Tripti Agarwal has been appointed as the Interim Resolution Professional (IRP). The appointment means an IRP will oversee the process and related compliances as per the IBC framework. Vikram Solar, in its statement, said it is consulting legal advisors to explore further remedies. The company also said it is taking steps to protect the interests of the company and its shareholders. The next hearing in the matter is scheduled for July 24, 2026.

What the disputed claim is about

The dispute stems from civil works that were sub-contracted to ISPL in 2018 for a solar engineering, procurement, and construction (EPC) power project in Andhra Pradesh. ISPL filed the application as an operational creditor, claiming dues that Vikram Solar allegedly did not pay. Vikram Solar disputes the claim amount of about ₹9.44 crore and has specifically flagged that it includes interest of about ₹4.21 crore. The company’s position is that the claim is not payable in the manner presented in the petition.

Vikram Solar’s defence: 2019 settlement agreement

Vikram Solar has cited a full and final settlement agreement executed on December 7, 2019, to contest the petition. According to the company, this settlement resolved the issues between the parties and renders the current claim invalid. Despite these objections, the NCLT rejected the company’s submissions in its order admitting the petition. Vikram Solar has said it is preparing to file an appeal before the National Company Law Appellate Tribunal (NCLAT) against the Kolkata Bench order.

Stock levels investors tracked

The NCLT development played out against a volatile backdrop for the stock. Vikram Solar’s 52-week high is ₹407.95 and the 52-week low is ₹162.1, as cited in the update. Apart from the June 22 dip, a snapshot of historical stock returns was also shared in the provided data.

Company’s FY26 numbers highlighted alongside the dispute

Vikram Solar pointed to its financial performance while responding to the NCLT order. The company said it achieved revenue of ₹4,802 crore in FY26 and a net profit of ₹470 crore. Another update cited FY26 revenue of ₹4,802.25 crore and profit after tax (PAT) of ₹470 crore. Vikram Solar also stated it has no long-term debt as of March 31, 2026. The company also cited a debt-to-equity ratio of 0.03 and an improved working capital cycle of 44 days.

Market impact: what the order changes immediately

The admission of a Section 9 petition triggers CIRP and brings legal and regulatory uncertainty into the near-term narrative around the stock. The appointment of an IRP and the imposition of a moratorium are central procedural outcomes of the order, as stated in the update. For shareholders, the key near-term marker is the company’s appeal process at the NCLAT and whether the appellate forum grants any relief. Separately, the price action on June 22 showed investors reacting to the legal escalation even as the company stressed business continuity.

Analysis: why the case matters beyond the claim size

The claim amount of about ₹9.44 crore is small compared with the FY26 revenue figure of about ₹4,802 crore cited by the company, but the IBC process can still influence market perception and operating flexibility. The tribunal’s finding that the operational debt remained valid despite the failed settlement, and its acceptance of contractual interest, are notable points from the order summary. The company’s stance rests on the December 2019 settlement agreement and its plan to challenge the admission at NCLAT. The next scheduled hearing on July 24, 2026, gives investors a dated event to track, alongside any further disclosures from the company.

What to watch next

Vikram Solar has said it is preparing an NCLAT appeal and consulting legal advisors for additional remedies. Investors will monitor updates on the appeal filing, the CIRP process, and any clarifications from the IRP. The next hearing date of July 24, 2026 is the next confirmed milestone mentioned in the matter. Meanwhile, the company continues to cite its FY26 profit, revenue, and low leverage metrics in its communications.