Corporate Insolvency Resolution Process NCLAT Order.
Awaiting price reaction for this filing.
Aban Offshore, currently undergoing Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, has informed exchanges of an NCLAT Chennai order dated February 12, 2026. The appeal was filed by the suspended Managing Director, Reji Abraham, against Punjab National Bank. The appellant sought an adjournment citing intent to settle the matter with the bank, which PNB opposed. NCLAT listed the matter for next hearing on March 27, 2026 and directed that if no settlement is reached, the appeal will be heard on merits. The interim order of January 21, 2026 continues to remain in force till then.
The company remains deep in insolvency proceedings with no resolution or settlement yet in sight. Shareholders face continued uncertainty over recovery of value, and the ongoing CIRP means equity holders are likely last in line for any payouts. The interim order's continuation keeps the status quo, buying time but offering no clarity on resolution.