IBC deal faces challenge as Mercantile Ports alleges process abuse.

Adani Ports Set to Acquire Karanja Terminal After Lenders Approve Resolution Plan.

Lenders to the bankrupt Karanja Terminal & Logistics Pvt Ltd have approved a resolution plan submitted by Adani Ports and Special Economic Zone Ltd, paving the way for its acquisition under India’s Insolvency and Bankruptcy Code (IBC). The decision was taken on April 14 by the Committee of Creditors, led by Prudent ARC Ltd, which holds 99.8% voting rights after acquiring the debt from Canara Bank. If completed, Karanja would become the third port asset acquired by Adani Ports through insolvency proceedings, after Dighi Port in Maharashtra and Karaikal Port in Puducherry. Both Dighi and Karanja are located close to Jawaharlal Nehru Port, India’s busiest container gateway. The creditors rejected a one-time settlement proposal from parent company Mercantile Ports and Logistics Ltd, despite its offer to repay ₹625.49 crore in full. Mercantile has strongly contested the decision, alleging a “stage-managed” insolvency process, and has announced plans to challenge the outcome before the National Company Law Tribunal and higher courts.