Shares in Mercantile Ports and Logistics Ltd (LSE:MPL) fell 7% to 1.44p after a court hearing central to its fight to recover its sole operating asset was pushed back.
The AIM-listed company owns and developed the Karanja port and logistics facility near Navi Mumbai in India, held through subsidiary Karanja Terminal & Logistics.
A hearing before the National Company Law Tribunal, India's dedicated corporate court, was adjourned on Wednesday with no substantive order passed.
The matter has been relisted for 7 August.
The tribunal is weighing Mercantile's challenge to an insolvency process that has effectively stripped it of the asset it spent years building.
Karanja was placed into a corporate insolvency resolution process after its debt was transferred to new hands, a move the company disputes.
In April, a committee of creditors rejected Mercantile's proposal to repay the outstanding dues in full, estimated at around 6.25 billion rupees.
The creditors instead approved a rival resolution plan from Adani Ports and Special Economic Zone, part of the Indian conglomerate controlled by billionaire Gautam Adani.
That approval, if confirmed by the tribunal, would transfer ownership of the terminal to Adani, strengthening its presence on India's western coast.
Mercantile has called the process fundamentally flawed and alleges it was orchestrated to hand a valuable asset to a predetermined buyer.
The company maintains that Karanja has never been operationally insolvent and remains revenue-generating, pointing to a recent contract with a state-owned oil and gas group.
Pavan Bakhshi, managing director, said the company remained committed to fighting for the return of its asset through every available legal avenue.
He described the board as determined and confident in its position.
Mercantile has also signalled it is looking at opportunities outside India, citing a desire for jurisdictions offering greater transparency and predictability for international investors.
