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.

Aban Offshore Limited , a prominent player in the offshore drilling industry, has announced the postponement of its Annual General Meeting (AGM) originally scheduled for September 24, 2025. The company cited the ongoing Corporate Insolvency Resolution Process (CIRP) as the reason for the delay.

Reasons for Postponement

The postponement stems from the fact that the Interim Resolution Professional (IRP), appointed by the National Company Law Tribunal (NCLT) Chennai, has not yet assumed charge of the company's affairs. This development follows the initiation of the CIRP against Aban Offshore.

Official Communication

In a notification to both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) on September 22, 2025, S.N. Balaji, Deputy General Manager (Legal) & Secretary of Aban Offshore, stated:

"Our Annual General Meeting proposed to be held on 24th September, 2025 stands postponed as the Interim Resolution Professional appointed by the Hon'ble NCLT, Chennai has not taken charge of the affairs of the Company so far."

Next Steps

The company has assured shareholders and stakeholders that a revised date for the AGM will be announced in due course. This postponement is a procedural necessity to ensure that the meeting can be conducted under the proper authority once the IRP takes charge.

Implications

The postponement of the AGM and the ongoing CIRP indicate significant challenges for Aban Offshore. These developments may have important implications for the company's operations, financial reporting, and strategic decisions in the near future.

Investors and stakeholders are advised to stay tuned for further updates from the company regarding the revised AGM date and any progress in the CIRP proceedings.

Aban Offshore Limited continues to navigate through this critical phase in its corporate journey.