Vikram Solar insolvency case: key dates in 2026

Shares fall after NCLT admission

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. Another reported reference point put Vikram Solar’s share price at ₹198.16 as of June 22, 2026.

The legal development has brought the Insolvency and Bankruptcy Code (IBC), 2016 process into sharper focus for investors. Vikram Solar, however, has maintained that it remains solvent and operational even as the matter moves into the Corporate Insolvency Resolution Process (CIRP) framework.

What the NCLT order says

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 the order was made available on June 18, 2026.

According to details reported around the order, the tribunal examined submissions from both parties and rejected Vikram Solar’s objections. The NCLT held that the operational debt remained valid, accepted the contractual interest claim, and concluded that the default exceeded the prescribed threshold.

A moratorium was imposed following the admission of the petition. The moratorium is a standard element of CIRP initiation and changes how certain actions against the corporate debtor are handled while the process runs.

The claim: ₹9.44 crore, including interest

The petition relates to an operational creditor claim of about ₹9.44 crore. Vikram Solar has disputed the debt and has specifically flagged that the claim includes interest of about ₹4.21 crore.

The NCLT’s decision to accept the contractual interest claim became a key point in the admission. With the tribunal concluding that default exceeded the threshold, the case moved from a dispute phase into a formal insolvency resolution process.

Vikram Solar’s defence and the 2019 settlement argument

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. The order, as described in subsequent reporting, held that the operational debt remained valid despite the settlement defence.

Vikram Solar has said it is consulting legal advisors to explore further remedies. It also said it is taking steps to protect the interests of the company and its shareholders.

CIRP process steps: IRP appointment and claims window

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.

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 sets the last date for submission of claims by creditors as July 2, 2026.

The same disclosure also estimated the closure of the insolvency resolution process by December 9, 2026. This estimate is part of the process timeline disclosed in the public announcement.

Appeal route: NCLAT hearing fixed for June 24

Vikram Solar has said it is preparing to file an appeal before the National Company Law Appellate Tribunal (NCLAT) against the Kolkata Bench order. In a separate update, it was reported that the company has filed an appeal before the NCLAT against the NCLT order.

The appeal was preferred by Sameer Nagpal, described as the suspended director of the company. The NCLAT has agreed to hear the matter on June 24, 2026.

Separately, the next hearing in the NCLT matter is scheduled for July 24, 2026. These dates are now central markers for investors tracking the case’s progress across forums.

Backstory: civil works linked to a 2018 solar EPC project

The dispute stems from civil works sub-contracted in 2018 for a solar EPC project in Andhra Pradesh. ISPL is the operational creditor in the petition admitted by NCLT Kolkata.

Vikram Solar’s management has also indicated that the matter was disclosed in the company’s prospectus dated August 21, 2025. That disclosure context matters because it frames the issue as pre-existing litigation rather than a newly emerged operational surprise.

Company’s position on operations and solvency

Even as the CIRP has been triggered, Vikram Solar has maintained that it is solvent and operational. It also stated that lender confirmations classify its accounts as “standard and regular”.

The company also referenced strong FY26 financials, including profit after tax (PAT) of ₹470.42 crore, as part of the broader context presented alongside the dispute. While financial performance does not remove legal exposure under IBC processes, it is part of the narrative investors are weighing against the size of the operational creditor claim.

What investors are likely to track next

Two process-driven milestones stand out in the near term. One is the June 24 NCLAT hearing on the appeal against the NCLT admission order. The other is the July 2 deadline for submission of claims, which can clarify the creditor landscape during CIRP.

The moratorium and IRP-led process can influence routine corporate actions and disclosures. Investors will also watch how quickly the company can obtain relief, if any, from the appellate forum, and what directions follow from the tribunals based on the hearing outcomes.

Key facts at a glance

Conclusion

Vikram Solar’s share price reaction on June 22 reflected investor sensitivity to the start of CIRP after NCLT Kolkata admitted ISPL’s petition for a ₹9.44 crore operational creditor claim. The company disputes the amount, argues a December 2019 settlement, and has moved the matter to NCLAT.

The next confirmed steps are procedural and date-bound: the NCLAT hearing on June 24, the July 2 deadline for creditor claims, and the next NCLT hearing scheduled for July 24, 2026.