NCLT Admits Aban Offshore For Insolvency Resolution

(The Corner Office Journal) -- India's National Company Law Tribunal (NCLT) admitted Aban Offshore Ltd. for insolvency resolution following a petition filed by Punjab National Bank.

“The said application has been admitted today,” the Indian offshore drilling services provider said in a stock exchange announcement on 1 September. The order copy is awaited, it added.

The Chennai-based company said its financial creditor had filed the petition under section 7 of the Insolvency & Bankruptcy Code for a default of 366.09 crore rupees ($41.5 million).

Note: $1 = 88.1314 Indian rupees

(Send feedback to editor@cornerofficejournal.com)