Vikram Solar Limited has made a disclosure to the BSE Limited and National Stock Exchange of India Ltd pursuant to Regulation 30 of the SEBI Listing Regulations regarding a significant legal development.
The disclosure pertains to an order dated 29 June 2026 passed by the Hon'ble National Company Law Appellate Tribunal (NCLAT), Principal Bench, New Delhi in Comp. App. (AT) (Ins) No. 1087 of 2026.
The NCLAT order sets aside the earlier order dated 12 June 2026 passed by the Hon'ble National Company Law Tribunal (NCLT), Kolkata Bench, which had admitted an application filed by Isitva Steels Private Limited under Section 9 of the Insolvency and Bankruptcy Code, 2016 against Vikram Solar Limited.
The core legal issue was that the admitted debt amount of ₹91,98,556 was below the ₹1 crore threshold specified under Section 4 of the Insolvency and Bankruptcy Code, 2016, making the petition inadmissible. Both parties' senior counsel acknowledged this factual position during the proceedings.
As a consequence of setting aside the admission order:
- The amount of ₹91,98,556 deposited by the Appellant (Sameer Nagpal, Suspended Director of Vikram Solar Ltd) pursuant to an order dated 24 June 2026 shall be refunded to the Appellant after due verification
- The parties may pursue settlement outside the insolvency process
The appeal has been disposed of and all pending applications stand closed. The disclosure represents a continuation of earlier intimations made by the company on 24 June 2026, 25 June 2026 and 29 June 2026.
The document was signed by Sudipta Bhowal, Company Secretary & Compliance Officer of Vikram Solar Limited, on 30 June 2026 at 17:56:29 IST.