Order of Hon''ble NCLAT in connection with CIRP.
Awaiting price reaction for this filing.
Aban Offshore, currently under Corporate Insolvency Resolution Process (CIRP), informed BSE about an NCLAT Chennai order dated 21 January 2026 in an appeal filed by its Suspended Managing Director Reji Abraham against Punjab National Bank. The dispute centres on whether PNB complied with NCLAT's earlier direction (26 September 2025) to consider the company's One Time Settlement (OTS) proposal. The appellant claimed non-compliance, while PNB contended it had already rejected the OTS. NCLAT has now directed PNB to place on record the formal memorandum of its OTS decision within two weeks, and granted a temporary two-week stay on further proceedings under the order under challenge. The matter is next listed for orders on 12 February 2026.
This is an interim procedural order — no final decision on the OTS or the insolvency process has been reached. The brief two-week stay offers temporary breathing room but the company's CIRP status and shareholder uncertainty remain unchanged until PNB files its response and the next hearing.