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Aban Offshore Ratings Moved to 'CARE D; Issuer Not Cooperating' Amid Insolvency Process
CARE Ratings has downgraded Aban Offshore's bank facilities and preference shares to 'CARE D; Issuer Not Cooperating' due to persistent debt defaults and lack of information. The company is currently undergoing the Corporate Insolvency Resolution Process (CIRP) with total admitted financial creditor claims of ₹1,191 crore and massive secured creditor claims of ₹25,037 crore. Financial performance remains severely stressed, reporting a loss of ₹5.92 crore in H1FY26 and a negative net worth. Liquidity is classified as poor, with the company failing to service its long-term debt obligations.
Key Highlights
Ratings for ₹387.47 crore bank facilities and ₹281 crore preference shares moved to 'CARE D; Issuer Not Cooperating'
Total admitted financial creditor claims stand at ₹1,191 crore, including ₹1,077 crore from Punjab National Bank
Massive claims of ₹25,037 crore admitted from other secured creditors under the ongoing CIRP process
H1FY26 operating income stood at a modest ₹55.87 crore with a PAT loss of ₹5.92 crore
The company has been under the Corporate Insolvency Resolution Process since September 1, 2025
💼 Action for Investors
Investors should exercise extreme caution as the 'CARE D' rating and ongoing insolvency proceedings indicate a high risk of total capital loss. Equity shareholders typically receive little to no recovery in CIRP cases involving such massive debt burdens.