The National Company Law Appellate Tribunal (NCLAT) on June 25, 2026 stayed insolvency proceedings against Vikram Solar Limited and directed the company to deposit the entire admitted operational debt of ₹91.98 lakh. The underlying NCLT Kolkata-I Bench order (dated June 12, 2026, available June 18) had admitted an IBC Section 9 petition by operational creditor Isitva Steels Pvt Ltd over an alleged ₹9.44 crore dispute, triggering CIRP and appointing IRP Tripti Agarwal. The stay hearing is listed for June 29, 2026. The case is closely watched given Vikram Solar’s position as a listed solar module manufacturer under India’s ALMM regime.
Key Details
- Regulator: NCLAT / NCLT Kolkata-I
- Date: June 25, 2026
- Document / Order No.: Not specified in source
- Parties: Vikram Solar Limited (Corporate Debtor),Isitva Steels Pvt Ltd (Operational Creditor),Tripti Agarwal (IRP),Sameer Nagpal (Suspended Director / Appellant)
- Industry Impact: Solar Energy / Renewable Energy Manufacturing (ALMM-listed companies)
- Effective Date: 2026-06-25
- Source Type: Judicial / Tribunal Order
Why It Matters
Vikram Solar is a listed solar module manufacturer included under India’s Approved List of Models and Manufacturers (ALMM) regime, making its insolvency status a matter of broader sectoral concern. NCLAT’s interim stay halts CIRP temporarily, preserving Vikram Solar’s operational continuity while the tribunal examines the validity of the NCLT Kolkata-I admission order. The ₹91.98 lakh deposit condition signals the appellate tribunal’s attempt to balance creditor protection against potential disruption to a significant domestic solar manufacturer.
