NCLAT Sets Aside NCLT Order Admitting Insolvency Plea Against Vikram Solar

The National Company Law Appellate Tribunal (NCLAT) has set aside the order passed by the National Company Law Tribunal (NCLT) on June 12, 2026, which had admitted an insolvency application filed by Isitva Steels Private Limited. The NCLT's order was based on an application under Section 9 of the Insolvency and Bankruptcy Code, 2016. The NCLAT's decision to set aside the order was based on the admission by both parties that the debt amount was less than ₹1 crore, which is below the threshold stipulated in Section 4 of the IBC for admitting such petitions. Consequently, the amount of ₹91,98,556 deposited by Vikram Solar Ltd. pursuant to an earlier order will be refunded.