Vikram Solar Wins NCLAT Relief as Tribunal Sets Aside NCLT Insolvency Order

The National Company Law Appellate Tribunal (NCLAT) has set aside the order admitting the insolvency application against Vikram Solar Limited, providing significant relief to the solar module manufacturer.

"We wish to inform you that the Hon'ble National Company Law Appellate Tribunal ("Hon'ble NCLAT"), Principal Bench, New Delhi by its order dated 29 June 2026 has set aside the order of the Hon'ble National Company Law Tribunal, Kolkata Bench, dated 12 June 2026 (made available on 18 June 2026) whereby the application under Section 9 of the Insolvency and Bankruptcy Code, 2016 against Vikram Solar Limited was admitted. A copy of the written order of the Hon'ble NCLAT shall be made available by the Company," said the firm in its recent filing.

The insolvency proceedings stemmed from a petition filed by operational creditor Isitva Steels Private Limited over an alleged unpaid operational debt of about INR 9.44 crore, including interest. The dispute relates to civil works subcontracted in 2018 for a solar EPC project in Andhra Pradesh. Vikram Solar has consistently disputed the claim, arguing that the parties had entered into a full and final settlement agreement in December 2019, making the insolvency petition untenable.

Earlier this month, the NCLT had admitted the insolvency plea, initiated the Corporate Insolvency Resolution Process (CIRP), imposed a moratorium, and appointed an Interim Resolution Professional. Vikram Solar challenged the order before the NCLAT, which on June 24 stayed the insolvency proceedings after the company agreed to deposit the admitted amount of INR 91.98 lakh without prejudice to its legal rights.