Vikram Solar Limited admitted to CIRP; Company disputes claim of ₹9.44 crore
Vikram Solar Limited has been admitted to Corporate Insolvency Resolution Process (CIRP) by NCLT, Kolkata. The company disputes a claim of ₹9.44 crore. Vikram Solar reported FY26 revenue of ₹4,802.25 crore and PAT of ₹470.42 crore, stating it is financially sound with no long-term debt.
Admission to CIRP is a severe event that directly impacts the company's operations, financial standing, and stakeholder confidence.
The company has been admitted to the Corporate Insolvency Resolution Process, which is a significant negative development.
Vikram Solar Limited (Company) has been admitted to the Corporate Insolvency Resolution Process (CIRP) by the National Company Law Tribunal (NCLT), Kolkata Bench, following a petition filed by Isitva Steels Private Limited (ISPL) under Section 9 of the Insolvency and Bankruptcy Code, 2016. The petition alleges non-payment of dues related to civil works sub-contracted in 2018 for a solar EPC power project in Andhra Pradesh. The alleged claim amount is approximately ₹9.44 crore (including interest of ₹4.21 crore), which the Company disputes, citing a full and final settlement agreement dated December 7, 2019.
Ms. Tripti Agarwal has been appointed as the Interim Resolution Professional (IRP). The Company is in the process of filing an appeal against the NCLT Order before the National Company Law Appellate Tribunal and is consulting legal advisors for further action.
The Company asserts that it remains solvent, financially sound, and fully operational. For fiscal 2026, Vikram Solar Limited reported a total revenue of ₹4,802.25 crore and a profit-after-tax of ₹470.42 crore. As of March 31, 2026, the Company has no long-term debt, with a working capital net debt of ₹64 crore and a debt-to-equity ratio of 0.03. The net working capital cycle improved to 44 days from 82 days in fiscal 2025. Existing lenders have confirmed the Company's accounts are standard and operations are satisfactory.
What to do with a filing like this
Vikram Solar Limited filed this with the NSE as a statutory disclosure, categorised under corporate insolvency resolution process. It is a primary document, not a recommendation, and the desk marks it high impact, which is the band that most often changes something.
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See the model portfoliosA plain-language summary of a public exchange filing by Vikram Solar Limited. Read the original for the full detail.