Aban Offshore Ltd: NCLAT Orders Respondent Bank to Provide OTS Proposal Memorandum in Corporate Insolvency Case

In a recent development, the National Company Law Appellate Tribunal (NCLAT) at Chennai has ordered Punjab National Bank to place on record the Memorandum containing the decision taken on the One Time Settlement (OTS) proposal by Aban Offshore Ltd within two weeks. This order comes after Aban Offshore Ltd's counsel argued that the OTS proposal had not been considered and no decision had been taken by Respondent No.1 on the same till date. The Ld. Counsel for Respondent No.1 had contended that the OTS had already been considered and rejected, but the Ld. Counsel for the Appellant argued that consideration of the OTS ought to have been done after passing of the order dated 26.09.2025. The NCLAT has further ordered that no further proceedings would be carried out in pursuance to the impugned order under challenge for two weeks.