Corporate Insolvency Resolution Process

June 19, 2026 VSL/CS/341/2026 dated 19.06.2026 BSE Ltd. National Stock Exchange of India Ltd. Department of Corporate Services Listing Department P. J. Towers, Dalal Street, Mumbai – 400 001. Exchange Plaza, Bandra-Kurla Complex, Bandra (E), Mumbai – 400 051 (Scrip Code: Equity - 544488) (Symbol: VIKRAMSOLR, Series EQ) Dear Sir/ Madam Sub: Disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015- submission of copy of Order passed by the Hon'ble National Company Law Tribunal, Kolkata Bench Dear Sir/Madam, Further to our communication bearing reference VSL/CS/340/2026 dated June 19, 2026, regarding the admission of an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 by the Hon'ble National Company Law Tribunal, Kolkata Bench, we hereby submit the copy of the order passed by the Hon'ble NCLT, Kolkata Bench dated June 12, 2026 and made available on June 18, 2026, for the information of the Exchange and the stakeholders. The copy of the aforesaid order is also being made available on the website of the Company. This is for your information and records. Sincerely For and on behalf of Vikram Solar Limited Sudipta Bhowal Company Secretary & Compliance Officer Encl: Copy of the NCLT Order IN THE NATIONAL COMPANY LAW TRIBUNAL DIVISION BENCH, COURT NO. I KOLKATA Company Petition (IB) No. 87/KB/2025 An Application under Section 9 of Insolvency and Bankruptcy Code, 2016 read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 IN THE MATTER OF: M/s Isitva Steels Private Limited ……… Operational Creditor Versus M/s Vikram Solar Limited ……… Corporate Debtor Date of Pronouncement: 12th day of June, 2026 CORAM: SMT. BIDISHA BANERJEE, HON’BLE MEMBER (JUDICIAL) CMDE SIDDHARTH MISHRA, HON’BLE MEMBER (TECHNICAL) APPEARANCE: Mr. Ratnanko Banerji, Sr. Adv. ] For the Operational Creditor Mr. D.N. Sharma, Sr. Adv. ] Ms. Urmila Chakraborty, Adv. ] Mr. R.N. Ghose, Adv. ] Mr. Shusna Santra, Adv. ] Mr. Joy Saha, Sr. Adv. ] For the Corporate Debtor Mr. Piyush Agarwal, Adv. ] Me. S. Kajaria, Adv. ] IN THE NATIONAL COMPANY LAW TRIBUNAL DIVISION BENCH, COURT N KOLKATA C.P. (IB) NO. 87/KB/2025 ORDER Per: BIDISHA BANERJEE, HON’BLE MEMBER (JUDICIAL): 1. The Court convened via hybrid mode. 2. Heard the Ld. Counsels of both the parties. 3. The instant application is preferred under Section 9 of the Insolvency and Bankruptcy Code, 2016, read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 by the M/s Isitva Steel Private Limited, hereinafter referred to as the “Applicant”/ “Operational Creditor (OC)” against M/s Vikram Solar Ltd., hereinafter referred to as “Respondent” / “Corporate Debtor (CD)” seeking direction from this Adjudicating Authority to initiate Corporate Insolvency Resolution Process, (for brevity “CIRP”) in respect of the Corporate Debtor. 4. The particulars of debt and default as per petition: a. Amount in default Rs. 9,44,12,332/-(Principal Claim: Rs. 5,22,25,343/, Interest at the contractual rate of 14% per annum: Rs. 4,21,86,989/-. b. Date of default 07.12.2019 c. Nature of transaction: Sub-contracting works. 5. Submissions of the OC: 5.1 The CD was awarded with an EPC contract, inter alia, for design, engineering, manufacturing, testing, supply, packing and forwarding, transportation etc. at site, erection, commissioning and operation and maintenance of a solar power project including civil works for Andhra Pradesh Power Generation Corporation Limited (“APGENCO”). 5.2 The CD approached the OC for sub-contracting work in respect of a solar power project in Andhra Pradesh. 5.3 The CD engaged OC for sub-contracting of the civil work on back to back basis vide an agreement dated 18.02.2018 (page 38 of CP). There is an interest clause @14% per annum in the agreement (Articles 7 and 8 at pages 41-42 of CP). Page 2 of 19 IN THE NATIONAL COMPANY LAW TRIBUNAL DIVISION BENCH, COURT N KOLKATA C.P. (IB) NO. 87/KB/2025 5.4 Work orders were issued by CD in favour of the OC (pages 53-57 of CP). The OC issued GST invoices/RA Bills post completion of the contractual work (pages 68-141 of CP). 5.5 The project was successfully commissioned by OC in December, 2018. The CD issued a Project Performance Certificate dated 10.10.2019, thereby certifying that the works executed by OC were as per the APGENCO specifications and project requirement. CD acknowledged that the work was complete in the month of December, 2018 and that OC's performance was satisfactory. CD further appreciated OC’s efforts towards execution of the project (page 181 of CP). 5.6 As per the agreement, CD was to pay the entire dues to OC upon certification of work done by CD on 10.10.2019. There are no pre-existing or any disputes whatsoever raised by CD with regard to the work executed by OC. 5.7 Despite successful and satisfactory completion of the sub-contracting work by OC, the CD was not releasing the dues of the OC towards 5% retention amount, pending RA Bills, and interests on delayed payment etc. As such, OC requested CD to process the payments immediately. In such connection, on 07.12.2019, the authorised representatives of CD visited the office of OC at Hyderabad to finalise the pending issues of APGENCO Solar Project. 5.8 Pursuant thereto, the CD agreed that out of the total claim amount of Rs. 814.97 lakhs, CD will pay Rs. 460.49 Iakhs within 15.01.2020. The minutes of the said meeting dated 07.12.2019 ("MoM") was reduced into writing and recorded in an email dated 09.12.2019, issued by the OC to the CD. The said email is not disputed. 5.9 Since the CD assured to make payment of the agreed amount immediately within 15.01.2020, the OC agreed to the final settlement amount of Rs. 460.49 lakhs with an understanding that in the event, CD failed to make such payment, the original claim amount together with interest on delayed payment and amendments as acknowledged by the CD would be revived. Page 3 of 19 IN THE NATIONAL COMPANY LAW TRIBUNAL DIVISION BENCH, COURT N KOLKATA C.P. (IB) NO. 87/KB/2025 5.10 That the CD paid only a sum of Rs. 1.60 Cr. out of the settlement amount of Rs. 460.49 lakhs between December 2019 and January, 2020. As such, CD failed to adhere to pay the settlement amount within the timeline as agreed in the said MoM. 5.11 By en an email dated 02.11.2020, the CD even apologised for delay in releasing the settlement amount and assured to pay the balance amount as per its new timelines provided therein. The CD acknowledged its liability and committed to pay the balance amount by February, 2021. But the CD paid a sum of Rs. 344 lakhs only to OC as on 11.02.2022 (Page 13 para 12 of CP), and the same is admitted by CD at page 11/12 para 11(k) of Reply. 5.12 Due to such continuous default of the CD, OC was constrained to issue a Form-3 demand notice dated 01.09.2022, claiming a total sum of Rs. 3,53,14,479/-, which includes principal sum of Rs. 1,67,77,343/- and interest of Rs. 1,85,37,136/-. 5.13 Upon receipt of the said demand notice, CD paid Rs. 70 lakhs to OC on 01.10.2022 via RTGS payment and issued a response dated 01.10.2022 contending that after reconciling the account, Rs. 70 lakhs has been paid by CD on 01.10.2022 "in full and final settlement of all pending sums and dues payable from VSL to ISPL" (page 182 of CP). This is the last payment received by OC from CD. 5.14 OC has issued a reply dated 17.10.2022 (page 184 of CP) to the response dated 01.10.2022 issued by the CD. OC has categorically stated that: a. Rs. 70 Lakhs paid by CD is only a part payment, and stated inter alia that OC’s total claim amount is Rs. 814.97 lakhs was negotiated to settlement amount of Rs. 460.49 lakhs, granting a discount of Rs. 354.48 lakhs given with the understanding that CD would release the due payments immediately. In view of breach committed by CD, OC is entitled to recover Rs. 354.48 lakhs in addition to the balance amount as per MoM da [Showing first 8,000 characters — download PDF for full document]