Mercantile Ports & Logistics LimitedLSE: MPL

Mercantile Ports & Logistics: NCLT Hearing - Update

· Issued by Mercantile Ports & Logistics Limited

Summary by 6ix AI

Mercantile Ports & Logistics Limited (MPL) has filed its final written submissions with the National Company Law Tribunal (NCLT), Mumbai Bench, in the Karanja Port proceedings, which involve its outstanding debt to lenders. On October 8, 2026, the tribunal recorded that the parties had tendered written submissions and reserved the matter for order.

Key details

  • The written submissions followed the end of oral arguments on September 24, 2026.
  • MPL Managing Director Pavan Bakhshi said the company's submissions argue it was never given an unhindered opportunity to repay the outstanding debt and that it has consistently sought to pay the lenders in full.
  • MPL says it has placed evidence before the tribunal supporting its allegation that Prudent ARC colluded with the lenders to prevent MPL's one-time settlement (OTS) from being completed and to transfer the asset to a predefined party.
  • Pavan Bakhshi said MPL is prepared to pursue the matter through every available legal forum.

What’s still pending

  • The NCLT has not yet issued its decision; the matter is reserved for order.
  • MPL says it will give a further update when the NCLT delivers its final judgement.

6ix AI wrote this summary from the release below and checked it against the release.

On 6ix: 6ix.com/news/nclt-hearing-update-3

Mercantile Ports & Logistics Ltd
09 October 2026
 

Mercantile Ports & Logistics Limited

("MPL" or the "Company")

MPL Files Final Written Submissions in Karanja Port Proceedings

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.

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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