Vikram Solar Ltd

Vikram Solar Ltd has announced that the National Company Law Appellate Tribunal (NCLAT) has stayed an order passed by the National Company Law Tribunal (NCLT), Kolkata Bench. In compliance with the NCLAT order, the company has deposited ₹91,98,556 by demand draft in favor of the Pay and Accounts Officer, Ministry of Corporate Affairs, New Delhi. This deposit is intended as a full and final settlement of the claim by the operational creditor, Isitva Steel Private Limited. The NCLAT order follows a previous settlement agreement where a total of ₹4,60,49,000 was agreed upon, with ₹4,14,00,000 and an additional ₹70 lakhs already paid. The company is actively pursuing an expeditious closure of the proceedings. The next hearing is scheduled for June 29, 2026.

Vikram Solar Ltd announced that the National Company Law Appellate Tribunal (NCLAT) has stayed an order passed by the National Company Law Tribunal (NCLT), Kolkata Bench. The company has deposited ₹91,98,556/- via demand draft as a full and final settlement for the claim of operational creditor, Isitva Steel Private Limited. The NCLAT order follows an appeal against the NCLT's decision. The next hearing is scheduled for June 29, 2026. Vikram Solar aims for an expeditious closure of the proceedings.

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.

Vikram Solar Limited announced that the Hon'ble National Company Law Appellate Tribunal (NCLAT) has stayed the operation of an order admitting a petition filed by Isitva Steels Private Limited under the Insolvency and Bankruptcy Code, 2016. This stay effectively halts the corporate insolvency resolution process against Vikram Solar until the next listing date. The company reiterated its solvent and financially sound status, reporting a Fiscal 2026 revenue of INR 4,802.25 crores and a profit-after-tax of INR 470.42 crores. Vikram Solar highlighted its market leadership, substantial assets, ongoing operations, strong liquidity, and zero long-term debt as of March 31, 2026. The net working capital cycle improved significantly to 44 days from 82 days in the previous fiscal year. Management is committed to protecting stakeholder interests.

Vikram Solar Limited has announced that its suspended director, Mr. Sameer Nagpal, has filed an appeal with the Hon'ble National Company Law Appellate Tribunal (NCLAT) against the National Company Law Tribunal's (NCLT) order dated June 12, 2026. The NCLT order had admitted a petition filed by M/s Isitva Steels Private Limited under Section 9 of the Insolvency and Bankruptcy Code, 2016. The NCLAT has scheduled a hearing for the appeal on Wednesday, June 24, 2026. Additionally, a public announcement regarding the Corporate Insolvency Resolution Process (CIRP) of Vikram Solar Limited, in Form A, has been published by the Interim Resolution Professional, Ms. Tripti Agarwal, in Financial Express and Aajkal newspapers on June 21, 2026.

Vikram Solar Limited has provided an update on its Corporate Insolvency Resolution Process (CIRP). The suspended director, Mr. Sameer Nagpal, has filed an appeal with the Hon'ble National Company Law Appellate Tribunal (NCLAT) against the National Company Law Tribunal's (NCLT) order admitting a petition for CIRP. The NCLAT has agreed to hear the appeal on June 24, 2026. Additionally, a public announcement regarding claims in the CIRP, as per IBBI regulations, has been published in Financial Express and Aajkal on June 21, 2026.

Vikram Solar Limited has submitted a copy of an order from the National Company Law Tribunal (NCLT), Kolkata Bench, dated June 12, 2026. This order pertains to an application filed by M/s Isitva Steels Private Limited under Section 9 of the Insolvency and Bankruptcy Code, 2016. The operational creditor is seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Vikram Solar Limited, citing a default amount of ₹9,44,12,332, which includes principal and interest on sub-contracting works. The default date is stated as December 7, 2019. Vikram Solar Limited has acknowledged the engagement for sub-contracting civil works via an agreement dated February 18, 2018, and work orders were issued subsequently. The operational creditor claims the default relates to retention amounts, pending bills, and interest on delayed payments.

The Hon ’ble NCLT, Kolkata Bench, has admitted an application filed by Isitva Steels Private Limited (ISPL) under Section 9 of the IBC against Vikram Solar Limited, alleging non-payment of approximately ₹9.44 crore (including ₹4.21 crore interest) for civil works sub-contracted in 2018. Ms. Tripti Agarwal has been appointed as the Interim Resolution Professional. Vikram Solar vigorously disputes the claim, citing a full and final settlement agreement from December 2019, and is in the process of filing an appeal with the NCLAT. The company asserts it remains solvent, financially sound, and fully operational, highlighting its FY26 revenue of ₹4,802.25 crore and PAT of ₹470.42 crore. It also noted no long-term debt, a low debt-to-equity ratio of 0.03, and strong liquidity, with lenders confirming standard accounts.

The Hon'ble National Company Law Tribunal (NCLT), Kolkata Bench, has admitted a petition filed by Isitva Steels Private Limited (ISPL) under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Vikram Solar Limited. The petition alleges non-payment of dues amounting to approximately ₹9.44 crore, including interest, for civil works sub-contracted in 2018. Ms. Tripti Agarwal has been appointed as the Interim Resolution Professional. Vikram Solar vigorously disputes the claim, citing a full and final settlement agreement from December 2019, and plans to appeal the NCLT order before the National Company Law Appellate Tribunal. The company asserts it remains solvent, financially sound, and fully operational, reporting a revenue of ₹4,802.25 crores and a profit-after-tax of ₹470.42 crores for fiscal 2026. It also highlights having no long-term debt as of March 31, 2026, and a strong liquidity position.

On May 19, 2026, Vikram Solar Ltd. received disclosure under SEBI Regulations 31(1) and 31(2) regarding the creation of encumbrance by Nilam Chaudhary, a member of the promoter group. Specifically, 30,00,000 equity shares were pledged on May 14, 2026, to JIO Credit Limited to avail finance. Post-event, Nilam Chaudhary holds 30,00,000 encumbered shares, representing 0.83% of the total share capital.