# Sameer Nagpal vs. ISITVA Steel Pvt. Ltd. & Anr.

> NCLAT judgment dated 2026-06-24. Citation: TCN-2026-NCLAT-00217. The appellant, Sameer Nagpal, Suspended Director of Vikram Solar Ltd., is challenging an…

- **Court:** NCLAT
- **Order date:** 24 Jun 2026
- **Citation:** TCN-2026-NCLAT-00217
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/sameer-nagpal-vs-isitva-steel-pvt-ltd-anr-dn9hn

## Summary

### Background

The appellant, Sameer Nagpal, Suspended Director of Vikram Solar Ltd., is challenging an order passed by the NCLT Kolkata-I bench. Previously, the parties had a settlement agreement for Rs. 4,60,49,000/-, out of which Rs. 4,14,00,000/- was paid. An additional Rs. 70 lakhs was paid to the Operational Creditor, who acknowledged a remaining liability of Rs. 91,98,556/- via an email dated 04.02.2023. The appellant is willing to deposit this admitted amount to demonstrate bonafide.

## Facts

Sameer Nagpal is the Appellant and Suspended Director of Vikram Solar Ltd.

ISITVA Steel Pvt. Ltd. & Anr. are the Respondents.

The parties had previously agreed to a settlement amount of Rs. 4,60,49,000/-.

Rs. 4,14,00,000/- out of the settlement amount was already paid.

An additional Rs. 70 lakhs was paid to the Operational Creditor.

The Operational Creditor acknowledged a remaining liability of Rs. 91,98,556/- via an email dated 04.02.2023.

The appellant is ready to deposit Rs. 91,98,556/- by way of demand draft.

Respondents No.1 & 2 have not objected to the deposition of Rs. 91,98,556/- for full and final settlement.

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## Issues and analysis

### Issue 1: Whether the impugned order of the NCLT should be stayed given the appellant's willingness to …

**Ratio:** An interim stay on insolvency proceedings can be granted if the Corporate Debtor

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**Reasoning:** The appellant, while asserting a strong case on merits, offered to deposit Rs.

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**Interpretation:** The court interprets the offer to deposit the admitted amount as a bonafide

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**Application:** The NCLAT applied this by directing the appellant to deposit Rs. 91,98,556/-

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## Parties

- **Judges:** Mohd. Faiz Alam…; Barun M…
- **Appellants:** Sameer N…
- **Respondents:** Vikram Sola…; ISITVA Steel Pvt.…
- **Other parties:** R-2…
- **Advocates:** A.M. Sin…; Abhijeet…; +18 more

## Timeline

- **2023-02-04 — Operational Creditor's…**: Email sent by the Operational Creditor acknowledging a remaining liability of Rs.…
- **2026-05-12 — Precedent Orde…**: Order passed by the appellate tribunal in Comp. App. (AT) (Ins.) No. 850 of 2026 in…

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This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclat-new-delhi/sameer-nagpal-vs-isitva-steel-pvt-ltd-anr-dn9hn