NCLAT Stays Insolvency Proceedings Against Vikram Solar, Directs Deposit Of ₹91.98 Lakh

New Delhi, June 25: The National Company Law Appellate Tribunal (NCLAT) has stayed the insolvency proceedings against Vikram Solar and directed the company to deposit the entire admitted operational debt of Rs 91.98 lakh till the next hearing.

NCLAT Grants Interim Relief

During the proceedings, Vikram Solar offered to deposit the entire admitted operational debt of about Rs 92 lakh, which was accepted by a two-member Bench of the appellate tribunal.

Counsel appearing for the operational creditor and the Interim Resolution Professional informed the appellate tribunal that they had no objection to the company's request, noting that Vikram Solar was depositing the entire admitted amount through a demand draft.

"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 & Anr’, which has been affirmed by the Supreme Court, we direct that the impugned order dated 12.06.2026 passed by the Ld. NCLT Kolkata-I Bench shall remain stayed till the next date of listing," said the NCLAT in its interim order on Wednesday.

The NCLAT directed Vikram Solar to deposit a demand draft of Rs 91.98 lakh in favour of the Pay and Accounts Officer, Ministry of Corporate Affairs, New Delhi, till the next date of listing on June 29.

"List this matter on June 29, 2026 under the same caption before the appropriate Bench," said the two-member Bench comprising Justice Mohd. Faiz Alam Khan and Barun Mitra.

Company Challenges NCLT Order

The NCLAT direction came on an appeal filed by Sameer Nagpal, Director of the suspended Board of Vikram Solar, against the order passed by the NCLT.

The Kolkata Bench of the National Company Law Tribunal (NCLT), on June 19, ordered the initiation of the Corporate Insolvency Resolution Process (CIRP) against Vikram Solar after admitting a plea by its operational creditor, Isitva Steels.

The NCLT had also appointed an Interim Resolution Professional for Vikram Solar, suspending the company's Board as per the procedure laid down in the Insolvency and Bankruptcy Code.

Settlement Details Presented

During the hearing before the NCLAT, Vikram Solar's counsel submitted that while the company had a strong case on merits, it was willing to deposit Rs 91.98 lakh without prejudice to its rights to demonstrate its bona fides.

The appellant contended that the parties had earlier entered into a settlement under which Rs 4.60 crore was agreed as a full and final settlement, of which Rs 4.14 crore had already been paid. It further submitted that an additional Rs 70 lakh was subsequently paid and that an email from the operational creditor acknowledged the outstanding liability at Rs 91.98 lakh.

Also Watch:

The company also argued that the initiation of insolvency proceedings would adversely affect a listed entity with a market capitalisation of around Rs 9,000 crore, annual revenue exceeding Rs 4,800 crore and a workforce of about 3,500 employees.

(Disclaimer: Except for the headline, this article has not been edited by FPJ's editorial team and is auto-generated from an agency feed.)