Mercantile Ports & Logistics Limited (LSE:MPL) has provided an update on the Corporate Insolvency Resolution Process concerning Karanja Terminal & Logistics Private Limited before the National Company Law Tribunal in Mumbai.

The proceedings concern the treatment of a sanctioned One Time Settlement relating to KTLPL’s debt and the role of Prudent ARC Limited in the events surrounding the settlement.

Hearing Scheduled to Continue on 4 September

At a hearing on 27 August, legal counsel representing the lenders and the Committee of Creditors continued presenting their case in response to submissions previously completed by MPL.

Those arguments are scheduled to resume on 4 September. Following the completion of the lenders’ and Committee of Creditors’ submissions, MPL is expected to deliver a rejoinder.

The company said it intends to pay the debt, safeguard the Karanja asset and protect shareholder interests while the Tribunal considers the evidence presented in the proceedings.

More About Mercantile Ports & Logistics

Mercantile Ports & Logistics Limited operates port and logistics infrastructure, with Karanja Terminal & Logistics Private Limited representing a key asset in India.

The company is involved in maritime logistics operations, including cargo handling and related port services.