Central Bank withdraws insolvency application against Aban Offshore

Both parties say they are settling dispute; NCLT dismisses application, permits lender to approach it later

Central Bank of India one of the lender of offshore drilling contractor Aban Offshore, has withdrawn their insolvency application against the company. The National Company Law Tribunal (NCLT) has dismissed the application, giving liberty for the lender to approach it later.

The application for Corporate Insolvency Resolution Process against the company was filed by Central Bank of India, alleging that the company has defaulted around Rs 155 crore. The principal amount is around Rs 127 crore, while the rest is interest and others, said sources.

The company informed the exchange, "An application filed against the Company by one of the financial creditors