Vikram Solar shares fall 3% after NCLT admits insolvency petition against the company. Here's why

Vikram Solar shares dropped 3% after NCLT admitted an insolvency petition filed by Isitva Steels over alleged unpaid dues of around Rs 9.44 crore (including interest of about Rs 4.21 crore) related to a 2018 solar EPC sub-contract in Andhra Pradesh. The company is disputing the claim citing a full-and-final settlement agreement dated December 7, 2019, and plans to file an appeal before NCLAT, with Tripti Agarwal appointed as Interim Resolution Professional.