Vikram Solar will appeal against the NCLT order admitting an insolvency petition by Isitva Steels making a claim of ₹9.44 crore. The company disputed the debt, citing a 2019 settlement agreement.

Vikram Solar is preparing to file an appeal in NCLAT against the Kolkata Bench NCLT order which admitted an insolvency petition over alleged non-payment of dues. The tribunal admitted the petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) on June 12, with the order made available on June 18, said the company in a statement.

Following the NCLT order, Tripti Agarwal has been appointed as the Interim Resolution Professional. The company stated it is consulting legal advisors to explore further remedies to protect the interests of the company and its shareholders.

Vikram Solar has disputed the claim of about ₹9.44 crore, which includes interest of about ₹4.21 crore.

To protect the interests of the company and its shareholders, the company is in the process of filing an appeal against the NCLT Order before the NCLAT and is also consulting its legal advisors for other possible legal course of action, said Vikram Solar in a statement on the exchanges.

The dispute arises from civil works sub-contracted to ISPL in 2018 for a solar EPC power project in Andhra Pradesh. Vikram Solar contends that a full and final settlement agreement was executed between the parties on December 7, 2019, rendering the claim invalid.

Vikram Solar said it achieved a revenue of ₹4,802 crore and a net profit of ₹470 crore in FY26, reflecting exceptional operational performance and sustained business momentum.

The company has no long-term debt as of March 31, 2026, it said.

Published on June 19, 2026