Kolkata, New Delhi, INDIA. New York, USA.
Business To Business, New Delhi, 30th June, 2026: The National Company Law Appellate Tribunal (NCLAT) has set aside an earlier order of the National Company Law Tribunal (NCLT) that had directed the initiation of corporate insolvency resolution proceedings against Vikram Solar under the Insolvency and Bankruptcy Code (IBC).
A two-member NCLAT bench ruled that the operational debt involved in the case was below the statutory minimum threshold of Rs 1 crore required for initiating insolvency proceedings under the IBC. Consequently, the appellate tribunal held that the insolvency application was not maintainable.
The NCLAT also directed the refund of Rs 91,98,556 deposited by Vikram Solar, representing the entire admitted operational debt claimed by operational creditor Isitva Steels.