Aban Offshore Limited has informed the Exchange about Corporate Insolvency Resolution Process
Awaiting price reaction for this filing.
Aban Offshore Limited, which is already undergoing Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code (IBC), has informed exchanges about an order from Hon'ble NCLAT Chennai dated 27 March 2026. The NCLAT order relates to a pending appeal (Company Appeal No. 477/2025) involving the suspended Managing Director Reji Abraham and Respondent Punjab National Bank. The tribunal noted that a One Time Settlement (OTS) proposal offered by the appellant was rejected by the bank, and there is no possibility of settlement between parties. The Resolution Professional, Shailesh Desai, who was appointed in December 2025 after the previous IRP passed away, has issued an auction notice dated 22 December 2025. The appellant has been directed to add the RP as a party to the appeal and serve him notice. The matter is listed for further hearing on 10 April 2026.
The continuation of CIRP proceedings and the rejection of the settlement proposal indicate that the insolvency resolution process remains active. Shareholders should be aware that the company remains under insolvency with no resolution yet in sight, and the stock may remain suspended or face delisting risk.