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 under Section 9 of the Insolvency and Bankruptcy Code, 2016. The NCLAT's order, dated June 29, 2026, was based on the submission that the claim amount was less than ₹1 crore, making the NCLT's admission order invalid as per Section 4 of the IBC. The NCLAT noted that both parties agreed to set aside the admission order. Consequently, the amount of ₹91,98,556 deposited by the appellant will be refunded.