NCLT Hearing - Update
Summary by AI BETAClose X
Mercantile Ports & Logistics Limited
("MPL" or the "Company")
NCLT Hearing - Update
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").
As announced on 2 September 2026, the lenders / Committee of Creditors concluded their arguments at the hearing, which took place earlier today.
The next hearing will be 24 September 2026, where the Counsel for the Resolution Professional will be addressing arguments on conclusion from the side of respondents. The Company will have the chance to respond to the arguments made by the lenders and Resolution Professional.
Pavan Bakhshi, Managing Director of Mercantile Ports & Logistics Limited, commented:
"We continue to hear the claim in court that we do not have the funds to repay the lenders. That is simply untrue, and I will personally file a sworn affidavit confirming our ability and commitment to pay the debt.
The lenders have received interest payments from us almost equivalent to the total amount originally disbursed. They also accepted substantial payments from us to commence the OTS process. If they genuinely believed we had no capacity to pay, why did they accept our money and initiate that process? Why was our OTS then cancelled arbitrarily before the 30 September 2025 payment deadline? And why were we not permitted to repay the lenders in full through the Section 12A process?
For almost a year, we have fought to protect the business and the nationally significant infrastructure that we built from the ground up, while facing what appears to have been a concerted effort to deprive us of that asset. We have placed evidence before the appropriate forums that, in our view, demonstrates serious irregularities and apparent collusion between the lenders and Prudent ARC.
What is required now is a clear and enforceable court order providing a secure mechanism for us to bring in the funds and repay the debt. Until that protection has been granted, there can be no confidence in a process that has repeatedly shifted against us.
We are prepared to pursue this matter through every available legal forum, including the Supreme Court of India, to demonstrate that the process was structured from the outset to make us fail. We will not give up."
MPL will provide further updates to shareholders as appropriate.
Enquiries:
|
MPL |
c/o Cavendish +44 (0) 207 220 0500 |
|
Cavendish (Nomad and Broker) |
Stephen Keys +44 (0) 207 220 0500 |
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