Delhi High Court Hears Appeal in Karanja Port Dispute, MPL Alleges Irregularities in Revised Auction
mumbai, India – Mobile Port Logistics (MPL) has appealed to the Delhi High Court, seeking redress after Bank of Baroda unexpectedly withheld final sanction for a previously agreed-upon One-Time Settlement (OTS) despite consent from all other lenders. The company alleges a subsequent, hastily launched Swiss-Challenge auction was conducted on revised terms that excluded MPL’s subsidiary and lowered the approval threshold.
MPL contends the new auction process favors a bidder previously unsuccessful in the original round, raising concerns about clarity and consistency. The company secured approvals for the original OTS and believes all obligations were met, asserting the initial agreement should be honored.
“I am surprised and disappointed that the arbitrary nature of cancelling the duly sanctioned OTS has not been recognised,” said Pav Bakhshi, Managing Director of MPL. “we believe that we have fulfilled all our obligations and that the original agreement should be honoured.”
The Karanja port, built with British, Indian, and American capital, is positioned to support India’s growing international trade. MPL highlights continued international investor interest in the port’s future expansion.
MPL will pursue further legal avenues,including an appeal to the Supreme Court of India if necessary. Updates will be provided as the situation develops.
contact:
MPL c/o Cavendish: +44 (0) 20 7220 0500
Stephen Keys, Cavendish Capital Markets Limited: +44 (0) 20 7220 0500
www.mercpl.com