NCLAT Stays Insolvency Proceedings Against Vikram Solar

New Delhi, Jun 24 (PTI) The National Company Law Appellate Tribunal (NCLAT) has stayed the insolvency proceedings against Vikram Solar till the next date of hearing, the company said in a regulatory filing.

The company did not inform about the next date of the hearing.

The Kolkata-bench of the National Company Law Tribunal (NCLT), on June 19, ordered the initiation of the Corporate Insolvency Resolution Process (CIRP) against Vikram Solar after admitting a plea of its operational creditor, Isitva Steels.

This order was challenged by Vikram Solar before the appellate tribunal NCLAT.


"The NCLAT has stayed the operation of the order passed by the NCLT Kolkata bench, admitting a petition filed by Isitva Steels under Section 9 of the Insolvency and Bankruptcy Code, 2016, until the next date of listing," the company said.

NCLT had also appointed an interim resolution professional for Vikram Solar, suspending the board of the company as per the procedure laid down in the Insolvency & Bankruptcy Code.

"In effect, a stay on the corporate insolvency resolution process against Vikram Solar Limited has been granted by the Hon'ble NCLAT, and no further steps can be taken by the interim resolution professional," it said.

An order regarding this is yet to be uploaded on the NCLAT portal.