The National Company Law Appellate Tribunal (NCLAT) has set aside the corporate insolvency resolution process (CIRP) initiated against Vikram Solar Limited, overturning an earlier order of the National Company Law Tribunal (NCLT), Kolkata Bench. The appellate tribunal’s order, dated June 29, 2026, effectively terminates the insolvency proceedings initiated against the solar module manufacturer.
Background of the case
The dispute arose from an insolvency petition filed by Isitva Steels Private Limited under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. On June 12, 2026, the NCLT admitted the petition over unpaid dues of Rs 91,98,556 relating to civil works executed for an Andhra Pradesh Power Generation…