ABAN OFFSHORE LTD.

The National Company Law Appellate Tribunal (NCLAT) at Chennai has deferred the hearing of Company Appeal (AT) (CH) (Ins) No.477/2025, involving Aban Offshore Ltd's suspended Managing Director Reji Abraham, to the second week of July. The tribunal noted subsequent developments presented by the appellant's counsel that are deemed relevant to the appeal's adjudication. The interim order dated January 21, 2026, will remain in effect until the next hearing scheduled for July 13, 2026. The appeal concerns Punjab National Bank and another respondent.

523204 has announced the cancellation of its previously scheduled submission of audited financial results for the quarter and year ended March 31, 2026, which was due on May 28, 2026. The company stated that the preparation of financial statements is still ongoing, citing the extensive compilation, verification, and reconciliation of financial data from both physical and electronic sources. Due to the time and effort required for this process, the company is unable to submit the results as planned. The Resolution Professional has assured that the audited financial results will be submitted to the Stock Exchange at the earliest possible time once complete and reconciled financial information becomes available. The company expressed regret for the inconvenience caused.

Aban Offshore Ltd has scheduled a Board of Directors meeting on May 28, 2026, to consider and approve the audited financial results for the quarter and year ended March 31, 2026, on both standalone and consolidated bases. The Resolution Professional will oversee the approval process.

The National Company Law Appellate Tribunal (NCLAT), Chennai, has adjourned the Corporate Insolvency Resolution Process (CIRP) appeal concerning Aban Offshore Ltd. The appeal, filed by Reji Abraham, the suspended Managing Director, against Punjab National Bank and another respondent, was heard on April 10, 2026. Due to a prior professional engagement of the appellant's counsel, the matter has been relisted for orders on June 2, 2026. Any interim orders previously passed by the Tribunal will continue to remain in effect until the next hearing date.

In response to a query, Aban Offshore Ltd, undergoing Corporate Insolvency Resolution Process (CIRP), clarified that there was no delay in submitting the disclosure as per Regulation 30 SEBI LODR. The Hon’ble NCLAT Order dated 27 March 2026 was uploaded on the NCLAT website only on 06 April 2026, and the company disclosed it to the Stock Exchanges immediately upon receiving it.

The National Company Law Appellate Tribunal (NCLAT), Chennai, has released an order dated 27th March 2026, regarding the Corporate Insolvency Resolution Process of Aban Offshore Ltd. The order states that there is no possibility of settlement between the Appellant (Reji Abraham, suspended Managing Director of Aran Offshore Ltd.) and Respondent No.1 (Punjab National Bank & Anr.) based on the OTS proposal. The Appellant is directed to carry out the necessary amendment in the company appeal and ensure service to the Respondent by way of dasti, filing an Affidavit of Service forthwith by the next week. The case is listed for orders on 10th April 2026.

Aban Offshore Ltd, a renowned name in the offshore drilling industry, has announced the closure of its trading window for the quarter or year ended 31st March 2026. The closure is in accordance with the Code of Conduct for Regulating, Monitoring, Preventing and Reporting of Trading in Securities by Designated Persons and immediate relatives of Designated Persons of the Company under the Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015. The trading window will remain closed from 1st April 2026 till 48 hours after the declaration of financial results for the said period.

Aban Offshore Ltd., a company undergoing Corporate Insolvency Resolution Process (CIRP) under the National Company Law Tribunal (NCLT) order, has been granted an adjournment by the National Company Law Appellate Tribunal (NCLAT) at Chennai. The adjournment is to facilitate a settlement with Punjab National Bank. The company is directed to list the appeal on 27th March 2026, and if no successful settlement is reached, the appeal will be argued on merits. The interim order of 21st January 2026 continues to operate till then.

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.

Aban Offshore Ltd has announced that its Board of Directors will meet on February 13, 2026, to consider and approve the Un-Audited Financial Results for the quarter ended December 31, 2025. This meeting is scheduled in accordance with the provisions of the Insolvency and Bankruptcy Code (IBC) 2016, as the company is currently undergoing Corporate Insolvency Resolution Process (CIRP). The Resolution Professional will be considering and approving the standalone and consolidated financial results for the mentioned quarter.