Aban Offshore hits the roof after one-time settlement with creditor

25 Aug 2022 , 01:04 PM

As per the terms of the settlement agreement, Aban Offshore has agree to pay the outstanding principal of Rs 121,78,41,258 within 30 days as a final settlement of all the credit facilities. Upon full payment of the settlement amount, Central Bank of India will release the security, claim, charges, pledge or similar nature in relation to the credit facilities. The bank will also withdraw the application filed under Section 7 of the Insolvency and Bankruptcy Code 2016. Aban Offshore offers a diverse range of offshore drilling services to clients in India and abroad. On a consolidated basis, Aban Offshore reported net loss of Rs 212.87 crore in the Q1 June 2022 as against net loss of Rs 256.42 crore in Q1 June 2021. Net sales declined 22.36% to Rs 149.96 crore in Q1 June 2022 over Q1 June 2021. Powered by Capital Market – Live News