Update on Committee of Creditors' Meeting
Mercantile Ports & Logistics Limited (MPL) attended a meeting with its Committee of Creditors (CoC) and presented a proposal for full repayment of outstanding amounts. The company is hopeful for acceptance of this proposal, but will pursue legal avenues if it is not approved. MPL reiterated its readiness and ability to fully repay its financial creditors, stating that a resolution plan is not relevant given their commitment to full redemption. Further announcements will be made regarding the outcome.
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Mercantile Ports & Logistics Limited (AIM: MPL), which is operating and continuing to develop our port and logistics facility in Navi Mumbai, Maharashtra, India, confirms that further to the Company's announcement of 9 April 2026, MPL, accompanied by its advisers, attended a meeting with the CoC earlier today. At this meeting, the Company put forward the proposal to repay the full amount due by it. The Company remains hopeful that this proposal will be accepted by the CoC. Should this proposal not be accepted by the CoC, the Company confirms that it will continue to pursue this matter through the Courts.
Further announcements will be made in due course.
Pavan Bakhshi, Managing Director of MPL, commented:
"We attended the Committee of Creditors meeting in person today and addressed all questions raised. We submitted our offer of full redemption once again, this time in person, and made it unequivocally clear that we are ready, able, and willing to repay the financial creditors in full.
The meeting was attended by a substantial number of representatives from the creditor group. We clearly stated that a resolution plan is not relevant in the present circumstances, given our unequivocal position to fully repay the financial creditors."
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.