Aban Offshore Limited, currently undergoing Corporate Insolvency Resolution Process (CIRP), has received a significant order from the National Company Law Appellate Tribunal (NCLAT) Chennai dated March 27, 2026. The order pertains to Company Appeal (AT) (CH) (Ins) No.477/2025 filed by Reji Abraham, the suspended Managing Director of the company, against Punjab National Bank and others.

Settlement Proposals Rejected

The tribunal noted that during previous proceedings held on September 26, 2025, and January 21, 2026, there was an expectation that One Time Settlement (OTS) proposals offered by the appellant could resolve the controversy. However, the respondent bank has formally rejected these settlement proposals through correspondence dated January 22, 2026.

Resolution Professional Changes

A significant development highlighted in the order involves changes in the Resolution Professional appointment. The tribunal acknowledged that the previously appointed Interim Resolution Professional had passed away, necessitating a substitution. Mr. Shailesh Desai has been subsequently appointed as the new Resolution Professional in December 2025.

The appellant has been directed to carry out necessary amendments to include Mr. Shailesh Desai as a party in the company appeal. The tribunal has also mandated that the appellant serve Mr. Shailesh Desai through dasti service and file an Affidavit of Service within the following week.

Auction Notice and Next Steps

During the proceedings, the appellant's counsel submitted a memorandum that included an auction notice dated December 22, 2025, issued by the newly appointed Resolution Professional Mr. Shailesh Desai. This development indicates the progression of the insolvency resolution process under the new Resolution Professional's guidance.

Tribunal Composition and Next Hearing

The order was passed by Justice Sharad Kumar Sharma (Member Judicial) and Jatindranath Swain (Member Technical) of the NCLAT Chennai. The tribunal has scheduled the next hearing for the company appeal on April 10, 2026, for further orders.

This development represents a continuation of the legal proceedings surrounding Aban Offshore Limited's insolvency resolution process, with the company having entered CIRP following an NCLT order dated September 01, 2025. The rejection of settlement proposals means the appeal will now proceed on its merits, potentially affecting the timeline and outcome of the resolution process.

Aban Offshore Limited has formally notified stock exchanges that it does not qualify as a Large Corporate under SEBI's regulatory framework for debt securities issuance. The company, currently undergoing Corporate Insolvency Resolution Process (CIRP), submitted this disclosure on April 02, 2026, to both BSE and NSE.

Credit Rating Status

The company's non-qualification stems from its current credit rating status. Aban Offshore holds a CARE D rating with "Issuer Not Cooperating" designation for both long-term bank facilities and long-term instruments. This rating classification exempts the company from the Large Corporate requirements specified under Chapter XII of SEBI's operational circular dated August 10, 2021.

Outstanding Borrowings Disclosure

As part of the regulatory disclosure, Aban Offshore provided details of its financial position as of March 31. The company reported outstanding borrowings of Rs. 281 crores, with specific clarifications about the nature of these obligations.

Regulatory Compliance Framework

The SEBI circular referenced in the disclosure pertains to fund raising through issuance of debt securities by large corporates. Under this framework, companies meeting specific criteria must comply with enhanced disclosure requirements and borrowing norms. Aban Offshore's current credit rating status places it outside the scope of these requirements.

Shailesh Desai, the Resolution Professional overseeing the CIRP process, signed the disclosure documents. His IBBI registration number IBBI/IPA-001/IP-P00183/2017-18/10362 was included in the official communication to the exchanges.

Corporate Status and Implications

The company's status as undergoing CIRP reflects its current financial restructuring process under the Insolvency and Bankruptcy Code. The disclosure confirms that Aban Offshore will not be subject to the enhanced regulatory requirements applicable to Large Corporates, given its current credit profile and rating status.

The formal notification to stock exchanges ensures regulatory compliance and provides clarity to stakeholders regarding the company's obligations under SEBI's debt securities framework. This disclosure forms part of the ongoing transparency measures during the insolvency resolution process.