NCLT Hearing - Update
Mercantile Ports & Logistics Limited (MPL) provided an update on the National Company Law Tribunal (NCLT) hearing concerning Karanja Terminal & Logistics Private Limited (KTLPL), where MPL's counsel has concluded its principal submissions arguing that Prudent ARC Limited intervened during KTLPL's One Time Settlement (OTS). The lenders' Committee of Creditors are continuing their submissions at the next hearing on September 4, 2026, after which MPL will present its rejoinder. The company remains confident in its case and its commitment to protecting shareholder interests.
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Mercantile Ports & Logistics Limited (AIM: MPL) provides an update following the recent hearing before the National Company Law Tribunal (“NCLT”), Mumbai Bench, in relation to the Corporate Insolvency Resolution Process of Karanja Terminal & Logistics Private Limited (“KTLPL”).
During the hearing on 27 August 2026, counsel representing the lenders / Committee of Creditors continued their substantive submissions before the Tribunal in response to the case previously presented by MPL.
As previously announced, MPL’s counsel has concluded its principal submissions, including presenting the detailed chronology and evidence supporting the Company’s case that Prudent ARC Limited intervened while KTLPL’s sanctioned One Time Settlement (“OTS”) remained in force and that subsequent actions resulted in the frustration and ultimate termination of the OTS process.
The lenders / Committee of Creditors have not yet concluded their submissions and will continue their arguments at the next hearing, which has been listed for 4 September 2026.
Following the conclusion of those submissions, MPL will have the opportunity to present its rejoinder and respond to the arguments made by the opposing parties.
The Company remains confident in the case and evidence it has placed before the Tribunal and will continue to pursue all available legal remedies to protect the interests of the Company and its shareholders.
Pavan Bakhshi, Managing Director of Mercantile Ports & Logistics Limited, commented:
“This hearing was the next stage in the substantive arguments before the Tribunal. The other parties have begun putting their case in response to the detailed evidence and chronology we have already presented.
Our position has always been clear: we want to pay the debt. The other parties will continue their submissions on 4 September 2026, following which our counsel will have the opportunity to respond.
We remain absolutely focused on protecting Karanja and the interests of our shareholders. We welcome the opportunity for all sides of this matter, and the evidence surrounding what happened to our OTS, to be fully considered by the Tribunal.”
MPL will provide further updates to shareholders as appropriate.
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