REJI ABRAHAM Vs. PUNJAB NATIONAL BANK

JUDGEMENT

(1.) The writ petition is filed challenging the public notice dtd. 6/6/2026 issued by the respondent bank for the proposed transfer of the loan exposure of M/s.Aban Offshore Limited through Swiss Challenge Method.

(2.) According to the petitioner, M/s.Aban Offshore Limited is a listed public company engaged in offshore drilling operations in India and abroad. The respondent bank had filed an application under Sec. 7 of the Insolvency and Bankruptcy Code, 2016, as amended by the Amendment Act 31 of 2016 (hereinafter referred to as "the Code "), and an order initiating Corporate Insolvency Resolution Process (CIRP) was passed on 1/9/2025.

(3.) It is stated that the petitioner is an erstwhile Managing Director of the company and in the appeal preferred by the company before the National Company Law Appellate Tribunal (NCLAT), considering the One Time Settlement (OTS) proposal submitted to the respondent, NCLAT had stayed the insolvency proceedings and the appeal is still pending.