NCLAT order
Awaiting price reaction for this filing.
Aban Offshore is already undergoing Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, with Shailesh Desai acting as the Resolution Professional. In an NCLAT Chennai order dated March 27, 2026, the Tribunal noted that the One-Time Settlement (OTS) proposal offered by the suspended Managing Director Reji Abraham to lender Punjab National Bank has been turned down, and there is no possibility of settlement between the parties. The Court will now proceed with the appeal on its merits rather than wait for a settlement. Procedurally, the appellant has been directed to amend the appeal to include the new Resolution Professional as a party, with the next hearing scheduled for April 10, 2026.
For shareholders, this is a negative but procedural update — the last-ditch settlement attempt with the lead lender has failed, meaning the insolvency resolution will move forward on contested terms rather than a negotiated exit. The stock remains in a distressed state with continued uncertainty around recovery for equity holders, and the next hearing on April 10, 2026 will be an important date to watch.