The National Company Law Tribunal (NCLT), Kolkata Bench, has admitted an insolvency petition against solar module manufacturer Vikram Solar Ltd under Section 9 of the Insolvency and Bankruptcy Code (IBC), following a plea filed by operational creditor Isitva Steels Private Limited over an alleged default of ₹9.44 crore.
The insolvency application pertains to unpaid dues arising from subcontracting work executed by Isitva Steels for an Andhra Pradesh Power Generation Corporation (APGENCO) solar project, where Vikram Solar was the EPC contractor. According to the petition, the claimed default comprises a principal amount of ₹5.22 crore and interest of ₹4.21 crore, with the date of default stated as December 7, 2019.