Tue Sep 02 06:50:37 UTC 2025: Here’s a summary of the text, followed by a rewritten news article:
**Summary:**
The text is a news report from The Hindu, published on September 2, 2025, announcing that the National Company Law Tribunal (NCLT) in Chennai has admitted Aban Offshore Ltd. for insolvency resolution. This action was taken following a petition filed by Punjab National Bank due to a default of ₹366.09 crore.
**News Article:**
**Aban Offshore Faces Insolvency Proceedings After NCLT Admits PNB Petition**
**Chennai, September 2, 2025** – The National Company Law Tribunal (NCLT) in Chennai has initiated insolvency proceedings against Aban Offshore Ltd., a major player in the offshore drilling sector. The decision, announced yesterday, follows a petition filed by Punjab National Bank (PNB) under Section 7 of the Insolvency and Bankruptcy Code, 2016.
PNB, a financial creditor of Aban Offshore, filed the petition citing a default amount of ₹366.09 crore. In a filing to the stock exchange, Aban Offshore confirmed the NCLT’s decision, stating that the official order copy is still pending.
The admission of Aban Offshore into insolvency resolution marks a significant development in the company’s financial struggles. The future course of action for Aban Offshore will now be determined under the insolvency resolution process.
First Piper 