Vikram Solar to appeal NCLT order over ₹9.44 crore claim
Vikram Solar is appealing an NCLT order admitting an insolvency petition by Isitva Steels Private Limited regarding a ₹9.44 crore claim. The company disputes the debt, citing a 2019 settlement agreement, and reports strong fiscal 2026 financials with no long-term debt.
*this image is generated using AI for illustrative purposes only.
Vikram Solar Limited is preparing to file an appeal against an order by the National Company Law Tribunal (NCLT), Kolkata Bench, which admitted an insolvency petition filed by Isitva Steels Private Limited (ISPL) over an alleged non-payment of dues. The tribunal admitted the petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) on June 12, 2026, with the order made available on June 18, 2026. The company disputes the claim of approximately ₹9.44 crore, which includes interest of approximately ₹4.21 crore, and asserts it remains solvent and fully operational.
The dispute arises from civil works sub-contracted to ISPL in 2018 for a solar EPC power project in Andhra Pradesh. Vikram Solar contends that a full and final settlement agreement was executed between the parties on December 7, 2019, rendering the claim invalid. Following the NCLT order, Ms. Tripti Agarwal has been appointed as the Interim Resolution Professional (IRP). The company stated it is consulting legal advisors to explore further remedies to protect the interests of the company and its shareholders.
Financial Performance for Fiscal 2026
Vikram Solar emphasized its strong financial position in the disclosure, reporting robust operational metrics for the fiscal year ended March 31, 2026. The management highlighted that the company has no long-term debt as of the reporting date and maintains a healthy liquidity position.
| Financial Metric | Value |
|---|---|
| Total Revenue | ₹4,802.25 crore |
| Profit After Tax | ₹470.42 crore |
| Working Capital Net Debt | ₹64 crore |
| Debt-to-Equity Ratio | 0.03 |
| Net Working Capital Cycle | 44 days |
The company noted that its net working capital cycle improved to 44 days in fiscal 2026 from 82 days in fiscal 2025. Additionally, existing lenders have confirmed that the company's accounts are reported as standard and regular, with operations deemed satisfactory. The management remains committed to upholding governance standards and safeguarding stakeholder interests while pursuing legal recourse against the tribunal's order.
Historical Stock Returns for Vikram Solar
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -4.54% | -0.85% | -0.33% | -13.85% | -43.77% | -43.77% |
What is the likelihood of the National Company Law Appellate Tribunal (NCLAT) staying the IRP's appointment pending Vikram Solar's appeal?
How might the insolvency admission impact Vikram Solar's ability to bid for new EPC projects given the operational restrictions typically imposed during insolvency proceedings?
Could this legal dispute trigger a review of the company's credit ratings despite its strong liquidity and zero long-term debt position?
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