Aban Offshore Limited, currently undergoing Corporate Insolvency Resolution Process (CIRP) following an NCLT order in September 2025, has received an order dated 21st January 2026 from the Hon'ble NCLAT, Chennai, which was received on 28th January 2026. The matter pertains to Company Appeal (AT) (CH) (Ins) No.477/2025, where the appellant's counsel drew the tribunal's attention to a previous order dated 26.09.2025 directing the consideration of a One Time Settlement (OTS) proposal. The appellant contended that this direction had not been complied with. Conversely, the counsel for Respondent No.1 (Punjab National Bank) argued that the OTS proposal had already been considered and rejected. The appellant refuted this, stating that consideration should have occurred after the 26.09.2025 order and no rejection order was on record. In light of these circumstances, the Hon'ble NCLAT has directed Respondent No.1 to place on record the memorandum containing the decision taken on the OTS proposal subsequent to the 26.09.2025 order within two weeks. Further proceedings related to the impugned order are stayed for two weeks. The case is listed for orders on 12.02.2026.
