# Punjab National Bank vs. Aban Offshore Ltd

> NCLT judgment dated 10 Oct 2025. Citation: TCN-2025-NCLT-01477. Punjab National Bank, as a financial creditor, filed a petition under Section 7 of the…

- **Court:** NCLT
- **Order date:** 10 Oct 2025
- **Citation:** TCN-2025-NCLT-01477
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/punjab-national-bank-vs-aban-offshore-ltd-54aba32d

## Summary

### Background

Punjab National Bank, as a financial creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Aban Offshore Limited, the corporate debtor, due to loan default. The petitioner claimed that the corporate debtor had defaulted on its loan obligations, leading to the account being classified as NPA.

## Facts

Punjab National Bank (PNB) sanctioned a loan to Aban Offshore Limited.

Aban Offshore Limited defaulted on the loan, and the account was classified as NPA on 02.05.2017.

As of 15.08.2024, the outstanding amount was Rs. 1062,86,03,208.45.

PNB filed a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC) to initiate Corporate Insolvency Resolution Process (CIRP).

Aban Offshore Limited submitted various OTS (One Time Settlement) proposals to PNB, which were not accepted.

PNB initiated SARFAESI proceedings and took possession of the corporate debtor's land property.

Headway Resolution and Insolvency Services Private Limited was initially appointed as the IRP.

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## Issues and analysis

### Issue 1: Whether there is a provable 'financial debt' and …

**Ratio:** Section 7(5) of the IBC mandates that where the Adjudicating Authority is satisfied that

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**Reasoning:** The financial creditor provided documentary evidence, including sanction letters, loan

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**Interpretation:** The Adjudicating Authority interpreted Section 7(5) as requiring the admission

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**Application:** Since the documents provided by the Financial Creditor proved the debt and

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## Parties

- **Judges:** SANJIV…; Venkataraman…
- **Appellants:** Punjab National…
- **Respondents:** Aban Offsho…
- **Other parties:** Insolvency and…; Corporate…; +7 more

## Timeline

- **2017-05-02 — NPA Decla…**: Loan account of Aban Offshore Limited…
- **2024-08-15 — Outstanding…**: The outstanding amount…

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