Update on Debt
Mercantile Ports & Logistics Limited announced an update regarding its debt dispute, confirming that its debt has been assigned to Prudent ARC Ltd. after the company was unsuccessful in obtaining interim relief at the appellate level of the Delhi High Court. Despite this setback, the company has made a formal offer to redeem its full outstanding debt and has initiated proceedings before the National Company Law Tribunal, Mumbai, to facilitate repayment. The company expressed gratitude for the support of its major global stakeholders.
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Mercantile Ports & Logistics Limited (AIM: MPL), which operates and continues to develop a port and logistics facility in Navi Mumbai, Maharashtra, provides an update on the Company's dispute with its lending consortium regarding the annulment of the previously sanctioned One-Time Settlement.
The Company was disappointed to learn that it was not awarded any interim relief in its appeal at the appellate level of the Delhi High Court and consequently, the Company's debt has been assigned to Prudent ARC Ltd. However, the Company can confirm that it has made a formal offer to redeem its full outstanding debt. The Company has initiated appropriate proceedings before the National Company Law Tribunal, Mumbai to seek directions to enable it to repay the debt.
The Company continues to be thankful for the support of its major global stakeholders.
Further announcements will be made as developments unfold.
The Company's US based Non-Executive Director, Stefan Passantino commented, "I along with other members of the Board remain committed to ensuring that we do everything in our power to protect the facility that we have worked so hard to build".
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.