Vikram Solar gets NCLAT stay on ₹9.44 cr insolvency claim
Appellate tribunal halts CIRP over a tiny trade payable. Company, with ₹4,802 cr revenue and zero debt, says financial health is strong.
— 1 earlier story on Vikram Solar Ltd. →What's new
- NCLAT stayed insolvency proceedings against Vikram Solar on June 24.
- The petition was by Isitva Steels for a ₹9.44 crore claim.
- Company cited FY26 revenue of ₹4,802 cr and zero long-term debt.
Why this matters
The stay removes an immediate overhang, but the claim is negligible relative to the company's size. A healthy company with net profit of ₹470 cr and no debt faced an insolvency filing over a tiny trade payable, raising questions about the NCLT's admission criteria.
What we're watching
- Final outcome of the NCLAT appeal: stay is not a dismissal.
- Whether Isitva Steels escalates the matter further.
- Any impact on Vikram's order book or bank relationships.
The full read
Vikram Solar won an interim NCLAT stay on June 24, halting insolvency proceedings triggered by a ₹9.44 crore claim from Isitva Steels. That claim is trivial against the company's ₹6,838 crore market cap and ₹4,802 crore annual revenue. For context, Vikram posted net profit of ₹470 crore in FY26 and carries zero long-term debt. The stay removes an immediate overhang, but the NCLT's original admission of such a small claim against a solvent company is the deeper issue. It is an interim reprieve, not a dismissal. The appeal will determine whether the insolvency was ever justified.
Questions answered
- What exactly did the NCLAT do?
- NCLAT stayed the corporate insolvency resolution process (CIRP) initiated by NCLT's admission of Isitva Steels' petition against Vikram Solar.
- How big is the claim relative to the company?
- The claim of ₹9.44 crore is about 0.2% of Vikram Solar's ₹4,802 crore annual revenue and a fraction of its market cap.
- Why did NCLT admit the petition initially?
- The source does not specify, but NCLT likely admitted based on a default of ₹9.44 crore. Vikram Solar challenged that admission.
- Is this a final settlement?
- No, the NCLAT order is an interim stay. The appeal is pending, and the insolvency petition has not been dismissed permanently.
- How are Vikram Solar's financials?
- Strong: FY26 net profit of ₹470.42 crore, revenue of ₹4,802.25 crore, and no long-term debt. The debt-equity ratio is 0.19.
Vikram Solar Ltd.
Latest quarter · Mar 2026
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All notes on VIKRAMSOLR →- 24 Jun 2026 · 8:17 PM IST Vikram Solar gets NCLAT stay on ₹9.44 cr insolvency claim
- today Vikram Solar fires up Gangaikondan mega-plant, targets 9 GW cell by FY27