NCLAT Stays Insolvency Proceedings Against Vikram Solar

The National Company Law Appellate Tribunal (NCLAT) on Wednesday stayed the National Company Law Tribunal's (NCLT) order admitting insolvency proceedings against Vikram Solar Ltd. It also directed the company to deposit ₹91.98 lakh pending further hearing.

A bench of Judicial Member Mohd Faiz Alam Khan and Technical Member Barun Mitra noted an earlier NCLAT order in Nishant Avinash Fadia v. Raspalfa Services Private Limited, which the Supreme Court did not interfere with. Keeping in view the facts and circumstances of the present case, the tribunal stayed the NCLT's June 12 order.

The bench observed, "Keeping in view all the facts and circumstances of this case and having an eye on the order passed in 'Nishant Avinash Fadia vs. Raspalfa Services Private Limited & Anr.' which has been affirmed by the Hon'ble Supreme Court, we direct that the impugned order dated 12.06.2026 passed by Ld. NCLT Kolkata-I bench shall remain stayed till the next date of listing."

The Kolkata bench of the NCLT had admitted insolvency proceedings against Vikram Solar on an application filed by Isitva Steels Pvt. Ltd. The application alleged a default of about ₹9.44 crore arising from a subcontract for civil works in a solar power project.

Isitva Steels contended that the parties had later agreed to a full and final settlement of ₹4.60 crore. It argued that Vikram Solar failed to pay the agreed amount, reviving its original claim.

Vikram Solar, however, maintained that it had already paid ₹4.14 crore under the settlement. According to it, only ₹91.98 lakh remained pending bringing the amount below the required ₹1 Crore threshold.

The NCLT had rejected that contention. It held that the email relied upon by Vikram Solar showing dues of ₹91.98 lakh had been issued only for TDS reconciliation and did not waive the creditor's contractual claims.

Before the appellate tribunal, Vikram Solar submitted that it was willing to deposit ₹91.98 lakh to demonstrate its bona fides. It reiterated that the parties had entered into a full and final settlement for ₹4.60 crore and that ₹4.14 crore had already been paid.

Isitva Steels did not oppose the proposed deposit. It submitted that the amount would constitute full and final settlement of its claim.

Vikram Solar also referred to its financial position. It submitted that it has a market capitalization of about ₹9,000 crore, annual revenue of over ₹4,800 crore, and around 3,500 employees. It argued that insolvency proceedings would adversely affect its financial reputation.

Keeping in view the facts and circumstances of the case and the earlier NCLAT order referred to by Vikram Solar, the appellate tribunal stayed the NCLT's June 12 order. It also directed Vikram Solar to deposit a demand draft of ₹91.98 lakh in favour of the Pay and Accounts Officer, Ministry of Corporate Affairs.

The matter has been listed for further hearing on June 29.