Bombay HC to Decide on PMLA Attachments Against 63 Moons Following ₹1,950 Cr NSEL Settlement
The Bombay High Court will decide if PMLA attachments against 63 Moons should continue after a ₹1,950 crore settlement for NSEL traders.Summary
The Bombay High Court is reviewing the continuation of attachments under the Prevention of Money Laundering Act (PMLA) against assets linked to 63 Moons Technologies Limited, following a ₹1,950 crore settlement scheme approved by the National Company Law Tribunal (NCLT) to resolve claims from traders affected by the 2013 National Spot Exchange Limited (NSEL) default. 63 Moons appealed to the High Court, arguing the NCLT settlement represents a complete resolution of claims, including those related to PMLA proceedings, and requires the appeal's disposal for effective implementation. Investors and the Directorate of Enforcement oppose the release of attached properties, citing NCLT clarifications that the settlement doesn't override existing attachments or terminate criminal proceedings. The court acknowledged the settlement's detailed mechanism and safeguards but refrained from immediate directions regarding property release, granting the enforcement agency time to obtain instructions. The case, *M/s 63 Moons Technologies Limited vs Union of India & Ors.*, is ongoing, with all issues remaining open for consideration at the next hearing.
(Source：Taxscan)