The National Company Law Tribunal, Mumbai, has approved the One Time Settlement Scheme between National Spot Exchange (NSEL) and traders body.
The Settlement Scheme envisages payment of ₹1,950 crore to 5,682 traders in proportion to their outstanding as on July 31, 2024, against closure of legal cases against the group along with assignment of all rights of traders in favour of 63 moons.
Nearly 12 years after it was shut down, NSEL, with the support of its parent company 63 moons technologies, had filed a Scheme of Settlement before the NCLT, Mumbai, for a one-time amicable full and final settlement with 5,682 traders. NSEL’s collapse in 2013 had left over 13,000 investors with claims of ₹5,600 crore.
Earlier, NCLT had directed the exchange to put the Scheme for voting and it received 93 per cent of traders and 91 per cent votes as per the outstanding in value.
In August 2013, NSEL had paid about ₹179 crore giving relief to 7,053 smaller traders with outstanding of less than ₹10 lakh. Despite no money trail to NSEL and 63 moons, its promoters have agreed to settle the dues.
Neeraj Sharma, MD & CEO, NSEL, said a settlement to the crisis would not have been possible without the positive approach of the present BJP Government (Central & State).
Sharad Kumar Saraf, Chairman, NSEL Investors’ Forum (NIF), expressed his gratitude for the efforts taken by 63 moons and NSEL, along with support from Central and the State Government in getting the closure.