Aban Offshore Limited , a prominent player in the offshore drilling industry, has entered into the Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016. This significant development comes following an order by the National Company Law Tribunal (NCLT), Chennai Bench.

Key Developments

1. Insolvency Process Initiation: The CIRP for Aban Offshore Limited commenced on September 1, 2025, as per the order no. CP(IB)/203/CHE/2024 passed by the NCLT, Chennai Bench.

2. Appointment of Interim Resolution Professional: Shailesh Desai has been appointed as the Interim Resolution Professional (IRP) for the company. The NCLT order appointing the IRP was dated October 10, 2025, and received by the IRP on October 14, 2025.

3. Board Suspension and Moratorium: Following the NCLT order, the Board of Directors of Aban Offshore Limited has been suspended, and a moratorium has been declared.

4. IRP's Role: The IRP will assume the roles and responsibilities previously held by the Board of Directors and various committees during the insolvency resolution process.

Regulatory Compliance

In light of the CIRP, Aban Offshore Limited has made the following announcements regarding regulatory compliance:

1. SEBI LODR Regulations: As per Regulation 15(2A) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, provisions related to the Board of Directors (Regulation 17) will not be applicable during the insolvency resolution process.

2. Committee Functions: The roles of various committees, including the Audit Committee, Nomination and Remuneration Committee, Stakeholders Relationship Committee, and Risk Management Committee, will be fulfilled by the IRP or Resolution Professional (RP) as per Regulation 15(2B) of SEBI LODR Regulations.

Upcoming Financial Results

The IRP has scheduled a meeting to consider and approve the unaudited financial results for Aban Offshore Limited:

This development marks a critical juncture for Aban Offshore Limited as it navigates through the corporate insolvency resolution process. Stakeholders and investors will be closely watching the proceedings and their potential impact on the company's future operations and financial stability.

Aban Offshore Limited , a prominent player in the offshore drilling industry, has undergone a significant change in its ongoing Corporate Insolvency Resolution Process (CIRP). The National Company Law Tribunal (NCLT) Chennai has appointed Mr. Shailesh Desai as the new Interim Resolution Professional (IRP) for the company, following unforeseen circumstances that halted the process.

Key Developments

New IRP Appointment

Mr. Shailesh Desai, with IBBI Registration No. IBBI/IPA-001/IP-P00183/2017-18/10362, has been appointed as the new IRP for Aban Offshore Limited.

Reason for Change

The appointment comes after the untimely demise of Mr. Ram Ratan Kanoongo, the Managing Director of Headway Resolution & Insolvency Services Pvt. Ltd., which was previously serving as the IRP.

CIRP Initiation

The CIRP against Aban Offshore was initiated following an application by Punjab National Bank under Section 7 of the Insolvency and Bankruptcy Code.

Current Status

As of now, no Committee of Creditors (CoC) has been constituted, and the CIRP had not progressed due to the previous IRP's death.

Appeal and Settlement Proposal

The corporate debtor has appealed the CIRP initiation order. The National Company Law Appellate Tribunal (NCLAT) has directed the financial creditor to decide on a one-time settlement proposal within four weeks.

Implications and Next Steps

The appointment of Mr. Shailesh Desai as the new IRP is expected to reinvigorate the CIRP for Aban Offshore. This change comes at a critical juncture, with the company's fate hanging in the balance between the ongoing insolvency proceedings and a potential one-time settlement.

Key Dates and Information

The coming weeks will be crucial for Aban Offshore as stakeholders await the financial creditor's decision on the one-time settlement proposal. The newly appointed IRP, Mr. Shailesh Desai, faces the challenge of expediting the CIRP while navigating the potential for an out-of-court settlement.

As the situation unfolds, investors and industry observers will be keenly watching for any developments that could impact the future of Aban Offshore and its operations in the offshore drilling sector.