Aban Offshore Limited has been notified by CARE Ratings Ltd. that its credit ratings have been moved to the 'CARE D; Issuer Not Cooperating' category. This action was taken due to the company's lack of cooperation in providing necessary information for the rating monitoring process, despite repeated requests. The ratings affected include Long Term Bank Facilities amounting to ₹387.47 crore and various Long Term Instruments - Cumulative Redeemable Preference Shares totaling ₹281.00 crore (₹20.00 crore + ₹156.00 crore + ₹35.00 crore + ₹35.00 crore + ₹35.00 crore). CARE Ratings stated that the information available was not sufficient to arrive at a fair rating, and users are advised to exercise caution. The company is currently undergoing Corporate Insolvency Resolution Process (CIRP) as per the National Company Law Appellate Tribunal (NCLAT) order dated September 1, 2025. The ratings factor in instances of delays in debt servicing, and the company has experienced liquidity issues. As of November 12, 2025, admitted claims from financial creditors amounted to ₹1,191 crore, with significant claims from Punjab National Bank, State Bank of India, and IndusInd Bank, alongside substantial claims from other secured and operational creditors.
