NCLAT sets aside NCLT order admitting IBC plea against Vikram Solar
Vikram Solar secured a legal victory as the NCLAT set aside the NCLT order dated June 12, 2026, that admitted an insolvency plea by Isitva Steel Private Limited. The tribunal ruled the claim was below the ₹1 crore threshold and ordered the refund of ₹91.98 lakh deposited by the company. The resolution removes immediate threats to the company's financial reputation.
*this image is generated using AI for illustrative purposes only.
Vikram Solar has secured a legal victory after the National Company Law Appellate Tribunal (NCLAT) set aside the order of the National Company Law Tribunal (NCLT), Kolkata Bench, dated June 12, 2026, which had admitted an insolvency application against the company. The NCLAT Principal Bench, New Delhi, passed the order on June 29, 2026, effectively quashing the proceedings initiated under Section 9 of the Insolvency and Bankruptcy Code, 2016 by operational creditor Isitva Steel Private Limited. The tribunal ruled that the insolvency petition ought not to have been admitted as the claim amount was less than ₹1 crore.
Prior to this final order, the company had deposited ₹91,98,556 via demand draft in favour of the Pay and Accounts Officer, Ministry of Corporate Affairs, New Delhi. The NCLAT directed that this amount be refunded to the appellant after due verification and in accordance with the law. The tribunal noted that the settlement, if any, can be adverted to between the parties directly.
The dispute originated from a settlement agreement where the parties agreed to a total of ₹4,60,49,000, of which ₹4,14,00,000 was already paid. Subsequently, ₹70 lakh was paid, and an email from the operational creditor dated February 4, 2023, acknowledged the remaining liability as ₹91,98,556. With the NCLAT setting aside the admission order, the immediate threat to the company's financial reputation and operational stability is resolved.
Financial Performance for Fiscal 2026
Vikram Solar reported robust operational metrics for the fiscal year ended March 31, 2026, emphasizing its strong financial position and liquidity. The management highlighted that the company has no long-term debt as of the reporting date.
| 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. Existing lenders have confirmed that the company's accounts are reported as standard and regular, with operations deemed satisfactory.
Historical Stock Returns for Vikram Solar
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -3.99% | +3.37% | -8.46% | -13.85% | -45.22% | -45.22% |
How will the resolution of the insolvency proceedings impact Vikram Solar's ability to secure new contracts or financing in the near term?
What steps will the company take to recover the ₹91.98 lakh deposited with the Ministry of Corporate Affairs?
Will the legal dispute with Isitva Steel Private Limited continue, or is a settlement expected following the NCLAT's directive?
20
Create Custom Screeners 
Access 200+ Pre-built Filters 
Use 50+ Readymade Screener 
