<?xml version="1.0" encoding="UTF-8"?>
<!--CIRP V1.0 (10-04-2026)-->
<xbrli:xbrl xmlns:in-capmkt="https://www.sebi.gov.in/xbrl/2023-09-30/in-capmkt" xmlns:in-capmkt-ent="https://www.sebi.gov.in/xbrl/Corporate_Insolvency_Resolution_Process/2023-09-30/in-capmkt/in-capmkt-ent" xmlns:in-capmkt-roles="https://www.sebi.gov.in/xbrl/Corporate_Insolvency_Resolution_Process/2023-09-30/in-capmkt-roles" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:nonnum="http://www.xbrl.org/dtr/type/non-numeric" xmlns:in-capmkt-types="https://www.sebi.gov.in/xbrl/2023-09-30/in-capmkt-types" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:net="http://www.xbrl.org/2009/role/net" xmlns:num="http://www.xbrl.org/dtr/type/numeric" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:iso4217="http://www.xbrl.org/2003/iso4217" xmlns:negated="http://www.xbrl.org/2009/role/negated" xmlns:xbrldi="http://xbrl.org/2006/xbrldi" xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:xl="http://www.xbrl.org/2003/XLink"><link:schemaRef xlink:type="simple" xlink:href="in-capmkt-ent-2023-09-30.xsd"/><xbrli:context id="MainI"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">544488</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-06-25</xbrli:instant></xbrli:period></xbrli:context><xbrli:context id="CorporateInsolvencyResolutionProcessEvent1D"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">544488</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-06-25</xbrli:startDate><xbrli:endDate>2026-06-25</xbrli:endDate></xbrli:period><xbrli:scenario><xbrldi:explicitMember dimension="in-capmkt:CorporateInsolvencyResolutionProcessEventAxis">in-capmkt:CorporateInsolvencyResolutionProcessEvent1Member</xbrldi:explicitMember></xbrli:scenario></xbrli:context><xbrli:context id="RejectionOfApplication_D"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">544488</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2026-06-25</xbrli:startDate><xbrli:endDate>2026-06-25</xbrli:endDate></xbrli:period><xbrli:scenario><xbrldi:explicitMember dimension="in-capmkt:CorporateInsolvencyResolutionProcessAxis">in-capmkt:RejectionOfApplicationMember</xbrldi:explicitMember></xbrli:scenario></xbrli:context><xbrli:context id="RejectionOfApplication_I"><xbrli:entity><xbrli:identifier scheme="https://www.sebi.gov.in/in-capmkt/ScripCode">544488</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2026-06-25</xbrli:instant></xbrli:period><xbrli:scenario><xbrldi:explicitMember dimension="in-capmkt:CorporateInsolvencyResolutionProcessAxis">in-capmkt:RejectionOfApplicationMember</xbrldi:explicitMember></xbrli:scenario></xbrli:context><in-capmkt:NameOfTheCompany contextRef="MainI">VIKRAM SOLAR LIMITED</in-capmkt:NameOfTheCompany><in-capmkt:NSESymbol contextRef="MainI">VIKRAMSOLR</in-capmkt:NSESymbol><in-capmkt:ISIN contextRef="MainI">INE078V01014</in-capmkt:ISIN><in-capmkt:TypeOfAnnouncement contextRef="MainI">New</in-capmkt:TypeOfAnnouncement><in-capmkt:TypeOfCorporateInsolvencyResolutionProcessEvent contextRef="CorporateInsolvencyResolutionProcessEvent1D">Rejection/Withdrawal/Stay of application</in-capmkt:TypeOfCorporateInsolvencyResolutionProcessEvent><in-capmkt:DateOfReport contextRef="MainI">2026-06-25</in-capmkt:DateOfReport><in-capmkt:TypeOfSubEventOfRejectionOrWithdrawalOrStayOfApplication contextRef="RejectionOfApplication_D">Stay</in-capmkt:TypeOfSubEventOfRejectionOrWithdrawalOrStayOfApplication><in-capmkt:DateOfRelevantAuthorityOrder contextRef="RejectionOfApplication_I">2026-06-24</in-capmkt:DateOfRelevantAuthorityOrder><in-capmkt:DetailsOfSettlementWithCreditors contextRef="RejectionOfApplication_I">Rs.91,98,556/- as full and final settlement</in-capmkt:DetailsOfSettlementWithCreditors><in-capmkt:ReasonForRejectionOrWithdrawalOrStayOfApplication contextRef="RejectionOfApplication_I">Whole settlement amount as referred in the order is being deposited by the appellant through demand draft of Rs.91,98,556/-.</in-capmkt:ReasonForRejectionOrWithdrawalOrStayOfApplication><in-capmkt:WhetherTheCompanyIsInReceiptOfCopyOfRelevantAuthorityOrder contextRef="RejectionOfApplication_D">true</in-capmkt:WhetherTheCompanyIsInReceiptOfCopyOfRelevantAuthorityOrder><in-capmkt:DetailsOfRelevantAuthorityOrder contextRef="RejectionOfApplication_I">The impugned order dated 12.06.2026 passed by Ld. NCLT Kolkata-I bench shall remain stayed till the next date of listing which is on 29.06.2026</in-capmkt:DetailsOfRelevantAuthorityOrder></xbrli:xbrl>
