Nearly 13-years after the default, investors in National Spot Exchange can heave a sigh of relief as the Supreme Court cleared all the road blocks on execution of the one-time settlement of ₹1,950 crore proposed by 63 moons (erstwhile Financial Technologies).
The Supreme Court on Tuesday dismissed an appeal filed by public sector undertaking challenging the approval of a ₹1,950 crore settlement scheme proposed to resolve creditors’ claims arising from the NSEL payment default.
A Bench of Justices PS Narasimha and Alok Aradhe dismissed the appeal against a March 30 judgment of the NCLAT, which had refused to interfere with the approval granted to the scheme by the NCLT, Mumbai.
In November, 2025 NCLT Mumbai approved the ₹1,950 crore scheme supported by over 92 per cent of creditors.
The settlement covers 5,682 specified creditors (traders), ensuring a minimum recovery of roughly 42 per cent of verified claims. Funds are to be paid to 63 moons technologies Ltd as the assignee of the creditors.
Earlier, the Special Court under Prevention of Money Laundering Act directed the Enforcement Directorate to monetise properties worth ₹3,464 crore attached in the NSEL case.
ED gave its no-objection to this arrangement in order to secure early restitution to investors. As per the order, any amount realised in excess of ₹1,950 crore will remain in the custody of the Special Court, subject to the final outcome of the proceedings, said ED in a statement.
The FIR in the case was filed in 2013 against NSEL, its directors and key officials, 25 defaulting members and others, for criminal conspiracy, cheating, criminal breach of trust and forgery. It was alleged that trading was allowed in commodities without actual underlying stocks. The resulting payment default affected about 13,000 investors, with outstanding dues of about ₹5,600 crore.
ED has so far issued 35 Provisional Attachment Orders, attaching assets of about ₹3,464 crore and also filed Prosecution Complaint including Supplementary PCs (Prosecution Complaints) before the Special Court.
In November, 2025 the NSEL submitted a Settlement Scheme that envisaged payment of ₹1,950 crores 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.
In August 2013, NSEL with the support of 63 moons paid about ₹179 crore for providing immediate relief to 7,053 smaller traders with outstanding of less than ₹10 lakh. 63 moons has once again stood up for the cause of traders despite no money trail to NSEL, 63 moons and its promoters.