NCLAT Sets Aside NCLT's Corporate Insolvency Resolution Process Order Against Vikram Solar

IBC 29 Jun 2026 · Ruling· ✓ Verified

Vikram Solar Limited, a Bengaluru-based solar photovoltaic module manufacturer and renewable energy company, challenged the NCLT's 12 June 2026 order triggering a Corporate Insolvency Resolution Process. The NCLAT bench, in its 29 June 2026 ruling, found cause to set aside the NCLT order, effectively suspending the insolvency process and restoring the company to normal management. The specific grounds for the NCLAT's reversal (whether procedural breach, defective petition, or substantive debt default finding) are not disclosed in the NSE filing, requiring review of the full appellate order for precedent.

Why it mattersThe NCLAT stay signals potential procedural or substantive defects in the NCLT's CIRP initiation order; counsel must assess whether the grounds (creditor threshold, debt quantum, default proof) failed the IBC s. 7/9 gate, and whether reinstatement of the CIRP remains a risk if the appellate bench upholds the NCLT on final hearing.
SectorEnergy & Renewables
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