# In the matter of Aban Offshore Limited

> NCLT judgment dated 2025-09-01. Citation: TCN-2025-NCLT-01401. Punjab National Bank filed a petition under Section 7 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 1 Sept 2025
- **Citation:** TCN-2025-NCLT-01401
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chennai/aban-offshore-limited-74eaf718

## Summary

### Background

Punjab National Bank filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Aban Offshore Limited, the Corporate Debtor, due to a default on a financial debt.

## Facts

Punjab National Bank sanctioned a loan to Aban Offshore Limited, a company engaged in offshore drilling.

The Corporate Debtor availed credit facilities from multiple lender banks, including SBI, ICICI Bank Ltd, IOB, State Bank of Mysore, IDBI Bank Ltd, LIC, LVB Ltd, and 3i Infotech Trusteeship Services Ltd.

The date of NPA was 02.05.2017, and the outstanding amount as of 15.08.2024 was Rs. 1062,86,03,208.45.

The Corporate Debtor executed loan and security documents in favor of the Financial Creditor and Security Trustee.

The Corporate Debtor mortgaged property in Tirunelveli District as security for the loan.

The Financial Creditor issued demand notices under Section 13(2) of SARFAESI Act and possession notices under 13(4) of SARFAESI Act.

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## Issues and analysis

### Issue 1: Whether a financial debt exists and whether the …

**Ratio:** Section 7(5) of the IBC requires the Adjudicating Authority to be satisfied that a

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**Reasoning:** The Adjudicating Authority relied on documentary evidence provided by the Financial

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**Interpretation:** The Adjudicating Authority interpreted Section 7(5) to mean that if a default

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**Application:** The Adjudicating Authority applied this interpretation to the facts of the case

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## Parties

- **Judges:** SANJIV…; Venkataraman…
- **Appellants:** Punjab National…
- **Respondents:** Aban Offsho…
- **Other parties:** Headway Resolution…
- **Advocates:** M.L. Ga…; Arun K…; +6 more

## Timeline

- **2024-08-21 — Petition…**: Punjab National Bank filed the petition…
- **2017-05-02 — NPA Decla…**: The loan account of the Corporate Debtor…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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