Mercantile Ports & Logistics has provided an update on the ongoing Corporate Insolvency Resolution Process of its subsidiary Karanja Terminal & Logistics Private Limited following a hearing before the National Company Law Tribunal in Mumbai. The company’s counsel began substantive submissions by outlining a detailed chronology of KTLPL’s One Time Settlement process and the subsequent role of Prudent ARC, which MPL argues breached the agreed lender-led framework.
MPL contends that Prudent’s intervention while the One Time Settlement was still in force, despite KTLPL having completed a Swiss Challenge process and made substantial payments, represented a clear violation of the process and ultimately favoured another party. The hearing…