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Shares of Vikram Solar Ltd ended at ₹200.10, down by ₹9.80, or 4.67%, on the BSE.
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Vikram Solar Ltd on Friday (June 19) said the Company Law Tribunal (NCLT), Kolkata Bench, has admitted an insolvency petition filed by Isitva Steels Private Limited against the company under Section 9 of the Insolvency and Bankruptcy Code, 2016.
The petition relates to alleged non-payment of dues arising from civil works subcontracted in 2018 for a solar EPC project in Andhra Pradesh. The order was pronounced on June 12, 2026 and made available on June 18, 2026, following which the tribunal appointed Tripti Agarwal as Interim Resolution Professional (IRP).
"The alleged claim amount is approximately ₹9.44 crore (including an interest of approximately ₹4.21 crores), which has been actively and vigorously disputed by the company, inter alia, in light of the existence of a full and final settlement agreement dated December 7, 2019, entered into between ISPL and the company," according to a stock exchange filing.
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Vikram Solar said it will file an appeal before the Company Law Appellate Tribunal (NCLAT) against the NCLT order and is consulting legal advisors for further legal options.
The company stated that it remains solvent, financially sound and fully operational. It reported revenue of ₹4,802.25 crore and profit after tax of ₹470.42 crore for FY26, along with what it described as strong operational performance and business momentum.
It further said it has no long-term debt as of March 31, 2026, while working capital net debt stood at ₹64 crore, with a debt-to-equity ratio of 0.03. The working capital cycle improved to 44 days in FY26 from 82 days in FY25.
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The company also said it has received letters from existing lenders confirming that its accounts are classified as standard and regular, with operations reported as satisfactory.
"These facts unequivocally demonstrate not only the Company's unquestionable financial soundness and creditworthiness, but also its undisputed ability to meet all of its obligations as and when they fall due in the ordinary course of business," it said.
"The management remains strongly committed to upholding the company’s strong governance standards and protecting stakeholder interests. The company will continue to take all necessary steps and remedies to safeguard the interests of the company, its shareholders, and other stakeholders," Vikram Solar added.
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Shares of Vikram Solar Ltd ended at ₹200.10, down by ₹9.80, or 4.67%, on the BSE.
(Edited by : Jomy Jos Pullokaran)
