NCLT admits insolvency petition against Vikram Solar
VIKRAMSOLR · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
NCLT Kolkata has admitted an insolvency application under Section 9 of the Insolvency and Bankruptcy Code filed by Isitva Steels Private Limited against Vikram Solar over an unpaid debt of about Rs 9.44 crore (principal Rs 5.22 crore plus interest). The court initiated Corporate Insolvency Resolution Process, imposed a moratorium, and appointed Ms Tripti Agarwal as Interim Resolution Professional. The dispute relates to unpaid dues for sub-contracting civil work on an APGENCO solar power project from 2018-2019.
Highly negative. CIRP admission triggers moratorium on asset transfers and recovery, shifts management to the IRP, and puts the company at risk of resolution or liquidation.