Pending NCLAT Appeal Not a Bar to Swiss Challenge Auction as OTS Was Already Rejected: Madras HC

Reji Abraham Vs Punjab National Bank (Madras High Court) The Madras High Court dismissed a writ petition challenging a public notice issued by Punjab National Bank (PNB) on 6 June 2026 proposing the transfer of the loan exposure of M/s Aban Offshore Limited through the Swiss Challenge Method. The petitioner, the company’s former Managing Director, contended that the auction should not proceed while an appeal against the Corporate Insolvency Resolution Process (CIRP) remained pending before the National Company Law Appellate Tribunal (NCLAT), where a One Time Settlement (OTS) proposal had...