Kolkata-based solar manufacturer Vikram Solar has received a major reprieve after the National Company Law Appellate Tribunal (NCLAT) set aside the insolvency proceedings initiated against the company earlier this month, removing an overhang that had clouded investor sentiment and raised concerns over the firm’s future growth prospects.
In a stock exchange filing, the company said the Principal Bench of the NCLAT in New Delhi, through its order dated June 29, overturned the National Company Law Tribunal’s (NCLT) June 12 order, which had admitted an application under Section 9 of the Insolvency and Bankruptcy Code (IBC) against Vikram Solar. The NCLT order had become publicly available on June 18.
Background Of the Case
The insolvency…