Vikram Solar Ltd Faces Corporate Insolvency Resolution Process by NCLT The National Company Law Tribunal (NCLT), Kolkata Bench, has initiated a Corporate Insolvency Resolution Process (CIRP) against Vikram Solar Limited following the admission of a petition filed by Isitva Steels Private Limited. The petition, which claims unpaid dues of ₹9.44 crore, marks a critical turning point for the renewable energy company, as its management control has been transferred to an Interim Resolution Professional (IRP), Ms. Tripti Agarwal. A moratorium, enforced under Section 14 of the Insolvency and Bankruptcy Code (IBC), now halts all recovery actions against the company’s assets. The insolvency process was triggered by Isitva Steels’ claim of ₹9.44 crore in outstanding operational dues, which include a principal amount of ₹5.22 crore and interest of ₹4.21 crore at an annual rate of 14%. The NCLT’s admission of the petition signifies the start of formal proceedings to resolve the company’s financial distress. The IRP, Ms. Agarwal, will oversee Vikram Solar’s operations during the CIRP, with the tribunal’s next hearing scheduled for July 24, 2026, to review progress. The default amount, totaling ₹9.44 crore, stems from alleged unpaid dues related to sub-contracting work for a solar power project. The tribunal’s order outlines the breakdown of the claim, emphasizing the principal and interest components. The moratorium imposed by the IBC prevents creditors from pursuing legal action or transferring the company’s assets, creating operational uncertainty for Vikram Solar. This development raises significant risks for the company, including potential disruptions to ongoing projects, strained supplier relationships, and investor concerns over asset dilution or losses.#vikram_solar_ltd #nclt #isitva_steels_private_limited #tripti_agarwal #insolvency_and_bankruptcy_code
