# Punjab National Bank vs. Reji Abraham

> NCLT judgment dated 2026-09-23. Citation: TCN-2026-NCLT-01060. Punjab National Bank (Financial Creditor) filed a petition under Section 95 of the Insolvency…

- **Court:** NCLT
- **Order date:** 23 Sept 2026
- **Citation:** TCN-2026-NCLT-01060
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chennai/punjab-national-bank-vs-aban-holdings-pte-ltd-n71at

## Summary

### Background

Punjab National Bank (Financial Creditor) filed a petition under Section 95 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Mr. Reji Abraham (Personal Guarantor) to initiate insolvency resolution proceedings. Mr. Reji Abraham had provided a personal guarantee for loan facilities availed by foreign entities, namely Aban Holdings Pte. Ltd., Aban Abraham Pte. Ltd., and Aban International Norway AS (collectively, 'Principal Borrowers' or 'Corporate Debtors'). The total debt amount is stated as Rs. 896,00,00,000/-, with the date of default being 07.01.2026. The core contention revolved around the maintainability of the petition before the NCLT Chennai Bench, given that the Principal Borrowers are foreign entities incorporated and registered outside India, and thus

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## Facts

Punjab National Bank (Petitioner/Financial Creditor) filed a petition CP(IB)/177(CHE)/2026 under Section 95 of IBC, 2016.

The petition was filed against Reji Abraham (Respondent/Personal Guarantor) to initiate insolvency resolution process.

Reji Abraham stood as a personal guarantor for loan facilities availed by Aban Holdings Pte. Ltd., Aban Abraham Pte. Ltd., and Aban International Norway AS.

Aban Holdings Pte. Ltd. is referred to as the 'Principal Borrower' and 'Corporate Debtor'.

The Principal Borrowers are foreign entities incorporated and registered outside India.

The amount of debt is stated as Rs.896,00,00,000/- (Rupees Eight Hundred and Ninety Six Crores only).

The date of default is stated as 07.01.2026.

A notice in Form-B was issued on 08.01.2026.

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## Issues and analysis

### Issue 1: Whether the petition under Section 95 of IBC against the Personal Guarantor is maintainable when …

**Ratio:** The NCLT's territorial jurisdiction for insolvency resolution of a personal guarantor is

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**Reasoning:** Section 60(1) of the IBC explicitly states that the Adjudicating Authority for corporate

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**Interpretation:** Section 60(1) is a substantive provision for determining NCLT's territorial

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**Application:** In this case, the principal borrowers (Aban Holdings Pte. Ltd., Aban Abraham

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## Parties

- **Judges:** SANJIV…; Venkataraman…
- **Appellants:** Punjab National…
- **Respondents:** Aban Holdings…; Aban Abraham Pte.…; +2 more
- **Advocates:** Shri. Krishna…; Neha…; +3 more

## Timeline

- **2005-08-03 — Construction A…**: Construction Agreement dated 03.08.2005 executed with Keppel FELS Ltd. for Rig Deep…
- **2006-05-03 — Loan Sanction to Aban…**: Bank sanctioned a foreign currency loan facility of USD 123 million to Aban Abraham Pte.…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 95(1) — Application by creditor to initiate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-95)

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