NCLAT Stays Insolvency Proceedings Against Vikram Solar

Vikram Solar Limited has received a significant reprieve as the Hon'ble National Company Law Appellate Tribunal (NCLAT) has stayed the operation of an order admitting a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016. This stay effectively halts the corporate insolvency resolution process against the company. The NCLAT's order means no further steps can be taken by the interim resolution professional. Vikram Solar reiterated its strong financial position, reporting a total revenue of ₹4,802.25 crores and a profit-after-tax of ₹470.42 crores for fiscal year 2026. The company highlighted its market leadership, substantial assets, ongoing operations, and strong liquidity, noting it has no long-term debt as of March 31, 2026, with working capital net debt at ₹64 crores and a debt-to-equity ratio of 0.03. The net working capital cycle has also improved significantly. Management is committed to safeguarding stakeholder interests.