Vikram Solar has been admitted into Corporate Insolvency Resolution Process (CIRP) by NCLT Kolkata. The company's suspended director has appealed to NCLAT, with a hearing scheduled for June 24.
Vikram Solar Ltd Enters Corporate Insolvency Resolution Process
Vikram Solar Limited has been admitted into the Corporate Insolvency Resolution Process (CIRP) by the National Company Law Tribunal (NCLT) Kolkata bench on June 12, 2026. This follows a petition filed by M/s Isitva Steels Private Limited. Consequently, the company's board of directors has been suspended, and Ms. Tripti Agarwal has been appointed as the Interim Resolution Professional (IRP).
Reader Takeaway: Insolvency admission poses significant risk, but NCLAT appeal offers a glimmer of hope.
What just happened
The NCLT Kolkata admitted Vikram Solar Limited into CIRP based on a petition by Isitva Steels Private Limited. This action triggers the suspension of the company's management and board.
Why this matters
Investors face uncertainty as the company's operations will now be overseen by an IRP. The outcome of the NCLAT appeal is crucial for determining the future of the company and its shareholders.
The backstory
M/s Isitva Steels Private Limited filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, leading to the NCLT's decision. A public announcement for creditors to submit claims was issued on June 21, 2026.
What changes now
The board of directors is suspended, and the IRP, Ms. Tripti Agarwal, is now in charge of managing the company's affairs during the resolution process.
Risks to watch
Key risks include the potential for value erosion for shareholders due to the insolvency process, and the critical outcome of the NCLAT appeal scheduled for June 24, 2026.
Peer comparison
Information on peer comparison is not available in the filing.
Context metrics (time-bound)
- NCLT Admission Date: June 12, 2026
- IRP Appointment: Ms. Tripti Agarwal
- Public Announcement Date: June 21, 2026
- NCLAT Hearing Date: June 24, 2026
What to track next
Investors should closely monitor the proceedings and outcome of the NCLAT hearing on June 24, 2026, which will significantly influence the company's immediate future.