Central Bank withdraws IBC case as Aban Offshore pays one-time settlement

The company has repaid outstanding principal of Rs 121.78 crore to the bank, is in talks with other lenders for debt resolution plan

Central Bank of India has withdrawn insolvency case against Chennai-based Aban Offshore Ltd after the troubled oil rig paid dues under One-time settlement. The company has been in talks with lenders for a debt resolution plan.

The company, which provides offshore drilling services for exploration and production of oil and gas, has paid an outstanding principal of Rs 121.78 crore to Central Bank. The public sector lender had filed suit against the company under section seven of Insolvency and Bankruptcy Code 2016 (IBC), the company informed BSE. Its stock closed 8.6 per cent higher at Rs 59.35 per share.

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