NATIONAL COMPANY LAW TRIBUNAL,

MUMBAI BENCH COURT VI

Item No. P-4 & P-5.

IA(I.B.C)/5205(MB)2025

AND

IA(I.B.C)/5206(MB)2025

IN

C.P. (IB)/154(MB)2025

CORAM

SHRI SAMEER KAKAR SHRI NILESH SHARMA

HON’BLE MEMBER (TECHNICAL) HON’BLE MEMBER (JUDICIAL)

ORDER SHEET OF HEARING DATED 17.11.2025

NAME OF THE PARTIES: Karanja Terminal & Logistics Private Limited

Vs

Canara Bank

Under Section 60(5).

COMMON ORDER

The case is fixed for pronouncement of the order. The order is pronounced in

the open court, vide separate order. Detailed order is being uploaded on the

NCLT portal today.

Sd/- Sd/-

SAMEER KAKAR NILESH SHARMA

MEMBER (TECHNICAL) MEMBER (JUDICIAL)

//SKS//

IN THE NATIONAL COMPANY LAW TRIBUNAL MUMBAI BENCH – VI INTERLOCUTORY APPLICATION NO. 5205 OF 2025 &

INTERLOCUTORY APPLICATION NO. 5206 OF 2025 IN COMPANY PETITION (IB) NO. 154/MB/2025 (Application u/s 60(5)(c) of the Insolvency and Bankruptcy Code, 2016 read with Rule 11 of the N.C.L.T. Rules, 2016)

Karanja Terminal & Logistics Private Ltd.

… Applicant -Vs-

Canara Bank …Respondent In the matter of Canara Bank …. Financial Creditor -Vs-

Karanja Terminal & Logistics Private Ltd.

…. Corporate Debtor APPEARANCE (IN VC MODE)

For Applicant: Sr. Adv. Mr. Vikram Nankani a/w Adv. Mr. Aman Kacheria, Adv. Mr. Rishabh Danuka, Adv. Ms. Anisha Didwania, Adv. Ms. Mahima Shah, Adv. Mr. Zaki Ansari i/b Agarwal & Dhanuka Legal.

For Respondent: Adv. Mr. Chirag S. for Assignee Prudent ARC Ltd in IA/5206/2025 For the Respondent/

Canara Bank: None present Order pronounced on 17.11.2025 CORAM :

SH. NILESH SHARMA, HON’BLE MEMBER (JUDICIAL)

SH. SAMEER KAKAR, HON’BLE MEMBER (TECHNICAL)

APPEARANCE (IN V-C MODE)

For Applicant: Sr. Adv. Mr. Vikram Nankani a/w Adv. Mr. Aman Kacheria, Adv. Mr. Rishabh Danuka, Adv. Ms. Anisha Didwania, Adv. Ms. Mahima Shah, Adv. Mr. Zahi Ansari i/b Agarwal & Dhanuka Legal.

For Respondent: Adv. Mr. Chirag S. for Assignee Prudent ARC Ltd.

O R D E R

PER: BENCH IA-5205/2025

1. This application has been filed by the Corporate Debtor in C.P. 154/

2025 seeking the following prayers:

a. Direct the original Financial Creditor i.e. the Respondent to amend the captioned Company Petition and bring on record i.e. substitute the assignee i.e. Prudent ARC Limited as the Financial Creditor;

b. Stay the passing of orders in the captioned Company Petition and the Interlocutory Application No. 4439 of 2025 till the substitution of the Financial Creditor in the captioned matter by amendment by the original Financial Creditor;

c. Ad-interim reliefs in terms of prayer clause (a) and (b) above;

d. Any other relief as this Hon’ble Tribunal deems fit in the facts and circumstances of the case.

IA-5206/2025

2. IA 5206/ 2025 has been filed by the Corporate Debtor for seeking the following prayers:

a. Allow the present Application;

b. Stay any further pronouncement of orders in the captioned Petition till adjudication of the present Application;

c. Direct the Respondent as well as other Consortium Lenders, and/or their Assignee to provide an up to date outstanding amount, along with Statement of Loan Account of the Applicant Company;

d. Direct the Respondent as well as other Consortium Lenders, and/or their Assignee, to consider the offer made by the Applicant in the present Application;

e. Any other relief as this Hon’ble Tribunal deems fit in the facts and circumstances of the case.

IA-5205/2025

3. It is stated that the Applicant is in the business of development and operation of a multipurpose terminal port and ship repairing facility.

4. It is stated that the Respondent is one of the lenders of the consortiums of lenders being Lead Bank.

5. It is stated that the Applicant is filing the present Application on the basis of changes in events and position of parties concerned herein subsequent to the hearing of the captioned matter being CP/154/2025 before this Tribunal on 16.09.2025.

6. It is stated that a onetime settlement (OTS) of Rs. 472.10 crores was secured by the Applicant from two out of the three consortium lenders and substantial funds were deposited.

7.