Key Highlights
- NCLT Mumbai approves NSEL One Time Settlement Scheme.
- Settlement covers 5682 traders with proportional payouts.
- Total settlement amount stands at Rs 1950 crore.
- 92.81 percent traders by number voted in favour.
- 91.35 percent traders by value supported the scheme.
- Scheme ensures closure of legal cases and rights assignment to 63 moons.
The National Company Law Tribunal (NCLT) Mumbai has approved the Scheme of Arrangement between National Spot Exchange Limited (NSEL) and its specified creditors, marking a major milestone in resolving long-pending settlement issues. The update was formally communicated by 63 moons technologies limited following the tribunal’s decision.
The approved One Time Settlement Scheme aims to provide closure to 5,682 traders affected by the 2013 NSEL payment crisis. The proposal, supported by 63 moons, received overwhelming approval during the voting exercise, with 92.81 percent of traders by number and 91.35 percent by value supporting the settlement.
As per the approved plan, NSEL will disburse Rs 1,950 crore to eligible traders in proportion to their outstanding amounts as of 31 July 2024. The scheme also involves the closure of all related legal cases and the assignment of traders’ rights to 63 moons.
In 2013, NSEL and 63 moons had earlier facilitated a relief payout of around Rs 179 crore to 7,053 small traders with dues below Rs 10 lakh.
Company officials stated that the approval offers long-awaited relief and clarity for the trading community. NSEL’s management acknowledged the role of central and state authorities in enabling the successful conclusion of the process.