NCLT Hearing - Update
Mercantile Ports & Logistics Limited has filed its final written submissions with the National Company Law Tribunal regarding the Karanja Port proceedings, following oral arguments on September 24, 2026, with the matter now reserved for order. The company asserts it was not given an unimpeded opportunity to repay outstanding debt and claims evidence shows collusion between Prudent ARC and lenders to prevent an One Time Settlement and facilitate asset transfer. Mercantile Ports & Logistics Limited awaits the Tribunal's decision and remains prepared to pursue all legal avenues to protect the Karanja asset and shareholder interests.
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Mercantile Ports & Logistics Limited (AIM: MPL) confirms that its final written submissions have been filed with the National Company Law Tribunal, Mumbai Bench, following the conclusion of oral arguments on 24 September 2026.
On 8 October 2026 NCLT recorded that written submissions have been tendered by the parties and the matter is now reserved for order.
Pavan Bakhshi, Managing Director of MPL, said:
“Our submissions make it clear that we were never given an unhindered opportunity to repay the outstanding debt. We have never sought a write-of - we have consistently sought to pay the lenders in full.
We have also placed before the Tribunal evidence supporting our case that Prudent ARC colluded with the lenders to prevent our OTS from being completed and to transfer the asset to a predefined party. In our view, this has destroyed the sanctity and credibility of the entire process.
Our final submissions are now complete and we await the Tribunal’s decision. We remain prepared to pursue this matter through every available legal forum to protect Karanja and the interest of shareholders. ”
MPL will provide a further update when the NCLT delivers its final judgement.
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