Mercantile Ports & Logistics Limited (LSE:MPL) has completed final oral rejoinder submissions before India’s National Company Law Tribunal in proceedings concerning the debt resolution process involving its Karanja Port subsidiary.
The tribunal has directed all parties to file written submissions by 8 October 2026. A judgment on MPL’s challenge to the rejection of its debt-resolution proposal is expected following those submissions.
The proceedings relate to MPL’s efforts to settle outstanding debt associated with Karanja Port and retain control of the asset.
MPL Raises Claims Over Debt Resolution Process
During the proceedings, counsel for MPL argued that the company had not been given a genuine opportunity to repay its outstanding debt and retain the port that it financed and developed.
MPL also alleged collusive conduct between Prudent ARC and lenders that it said obstructed its proposed One-Time Settlement. These claims represent the company’s position in the ongoing proceedings and have not been presented in the supplied material as findings by the tribunal.
The company maintains that the process undermined the integrity of the debt-resolution framework and resulted in a prolonged legal dispute. MPL said it is seeking a mechanism that would allow it to repay lenders in full.
The tribunal’s forthcoming judgment could determine whether MPL is able to retain Karanja Port under its proposed debt-resolution arrangements.
Karanja Port Operations
Mercantile Ports & Logistics operates in the ports and logistics sector through its Karanja Port subsidiary in India.
The company has financed and developed port infrastructure intended to serve regional trade and logistics requirements. Its shares are traded on London’s AIM market.
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