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Informist, Monday, Jun. 29, 2026

 

NEW DELHI – The National Company Law Appellate Tribunal Monday set aside the Kolkata bench of the National Company Law Tribunal's order to admit insolvency proceedings against Vikram Solar Ltd., said the latter on a stock exchange filing. On Jun. 12, the Kolkata bench had admitted Vikram Solar into insolvency on Isitva Steels Pvt. Ltd.'s plea for unpaid dues of INR 94.41 million. A detailed order is awaited.

 

The case has its genesis from Vikram Solar getting awarded an engineering, procurement, construction contract for engineering, manufacturing, testing, supply, packing and forwarding, transportation, commissioning and operation and maintenance of a solar power project including civil works for Andhra Pradesh Power Generation Corp. Ltd. Vikram Solar engaged Isitva Steels for sub-contracting of the civil work on back-to-back basis through an agreement in 2018.

 

As per the agreement, Vikram Solar was to pay the entire dues to Isitva Steels upon certification of work done by the former in 2019. Despite successful and satisfactory completion of the sub-contracting work by Isitva Steels, Vikram Solar was not releasing the dues of the former towards 5% retention amount, pending bills, and interests on delayed payment. Isitva Steels said that Vikram Solar did not pay the settlement amount discussed between the parties.

 

As no payment has been made by Vikram Solar as per the settlement terms, Isitva Steels was entitled to the entire amount under the agreement and its entire claim stands restored and revived, said the creditor. Consequently, Isitva Steels moved the Kolkata tribunal to start insolvency proceedings against Vikram Solar.

 

Challenging the Kolkata tribunal's order, Sameer Nagpal, the suspended director of Vikram Solar moved the appellate tribunal. Nagpal said that Vikram Solar is a listed company with a market capitalisation of approximately INR 90 billion, generating a revenue in excess of INR 48 billion, and approximately a workforce of 3,500 employees is existing on its payrolls, thus, the initiation of insolvency would have a bad impact not only on the financial aspect of the company but will also cast shadow on its otherwise good financial reputation. In the last hearing on Jun. 24, the appellate tribunal had stayed the Kolkata tribunal's order and asked Nagpal to deposit the remaining dues in favour of pay and accounts officer, Ministry of Corporate Affairs.

 

Monday, the shares of Vikram Solar Ltd. ended 0.8% higher at INR 186.68 on the National Stock Exchange.  End

 

Reported by Surya Tripathi

Edited by Akul Nishant Akhoury

 

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