4th Sep 2026 16:34
Mercantile Ports & Logistics Ltd - operator and developer of a port and logistics facility in Navi Mumbai - Issues an update in light of a recent hearing before India's National Company Law Tribunal, regarding the corporate insolvency resolution process of Karanja Terminal & Logistics Private Ltd. Says the lenders and committee of creditors concluded their arguments at Friday's hearing. At the next hearing, scheduled for September 24, Mercantile says the Counsel for the Resolution Professional will be addressing arguments on conclusion from the side of respondents. It "will have the chance to respond to the arguments made by the lenders and resolution professional."
Mercantile Managing Director Pavan Bakhshi comments: "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...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."
Current stock price: 1.53 pence, down 1.3% in London late on Friday afternoon
12-month change: up 7.0%
By Emma Curzon, Alliance News reporter
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