NCLAT Chennai Issues Order in Aban Offshore Ltd Appeal on March 27, 2026
The National Company Law Appellate Tribunal (NCLAT) at Chennai issued an order on March 27, 2026, concerning the Appeal (AT) (CH) (Ins) No.477/2025 (IA Nos. 1357, 1358 & 1359/2025) in the matter of Reji Abraham, Suspended Managing Director of Aran Offshore Ltd., versus Punjab National Bank & Anr.The proceedings before the Tribunal involved counsel for the Appellant, Mr. Sumesh Dhawan, and counsel for the Respondents, Mr. M.L. Ganesh.
During the proceedings held on March 27, 2026, the NCLAT addressed the status of a One Time Settlement (OTS) proposal. The Tribunal noted that earlier proceedings on September 26, 2025, and January 21, 2026, had proceeded assuming an OTS proposal was offered by the Appellant for settling the controversy, directing Respondent No. 1 to consider it on merits.
After reviewing arguments from Mr. M.L. Ganesh, along with documentation including correspondence dated January 22, 2026, the NCLAT opined that there was no longer a possibility of settlement between the parties based on the acceptance of the proposal. Consequently, the Tribunal ruled that the controversy regarding the acceptance or rejection of the proposal was no longer subsisting, thereby eliminating any impediment to proceeding with the Appeal on merits.
The Tribunal also addressed procedural matters related to the company appeal. It noted that a prior order on September 26, 2025, had proceeded based on the IRP who was appointed having met with a demise, requiring a necessary substitution by the Appellant's counsel.
On this date, the counsel for the Appellant supplied a memorandum annexing the auction notice dated December 22, 2025, issued by Mr. Shailesh Desai, the RP appointed in December 2025. Since the RP had not been made a party in the company appeal, the Appellant was directed to carry out the necessary amendment during the course of that day. Furthermore, the Appellant was instructed to ensure service of Mr. Shailesh Desai by way of dasti and file an Affidavit of Service the following week.
The company appeal was listed for orders on April 10, 2026.
Aban Offshore Ltd is a company undergoing Corporate Insolvency Resolution Process (CIRP) under the provisions of the Insolvency and Bankruptcy Code, vide an order dated September 1, 2005.
ABAN Stock Price Movement
At the close of trade, shares of Aban Offshore Limited slipped by 4.97% to settle at ₹21.03. The stock remained tightly contained in its intraday band of ₹21.03, recording a total volume of 8,532 shares throughout the session.Source:
Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
The information provided is for general informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any securities. Readers are advised to rely on their own assessment and judgment and consult appropriate financial advisers, if required, before taking any investment-related decisions.