Appointment of Interim Resolution Professional.
Awaiting price reaction for this filing.
The NCLT Chennai has appointed Mr. Shailesh Desai as the new Interim Resolution Professional (IRP) to conduct the Corporate Insolvency Resolution Process (CIRP) against Aban Offshore Ltd, replacing the previous IRP firm M/s. Headway Resolution & Insolvency Services Pvt. Ltd. The previous IRP's Managing Director, Mr. Ram Ratan Kanoongo (who held 99.90% shares), expired in March 2025, and his shareholding has not been transferred yet, halting progress in the resolution process. The insolvency was originally initiated on September 1, 2025 after Punjab National Bank filed a Section 7 IBC petition against the company. No Committee of Creditors (CoC) has been formed yet. Separately, NCLAT has directed the lender to consider a One Time Settlement (OTS) proposal from Aban Offshore, with the next hearing scheduled for November 3, 2025.
Shareholders face significant uncertainty as the company is deep in insolvency proceedings. The company is attempting an out-of-court settlement (OTS) with lenders, which if accepted could potentially help avoid liquidation. Equity holders are typically last in the waterfall and face high risk of dilution or wipeout in IBC cases.