Bombay High Court Allows Transfer Of ₹84 Crore To NSEL Settlement Account

The Bombay High Court has authorized the transfer of ₹84 crore, along with accrued interest, deposited by 63 Moons Technologies Ltd (formerly Financial Technologies India Ltd) to a settlement account as part of a One-Time Settlement (OTS) Scheme. This scheme was approved by the National Company Law Tribunal (NCLT) and aims to resolve long-standing claims stemming from the 2013 National Spot Exchange Limited (NSEL) payment crisis. The court directed the registry to transfer the funds within seven days of a compliance affidavit from 63 Moons.

The Economic Offences Wing (EOW) and the Maharashtra Protection of Interest of Depositors (MPID) authority supported the scheme before the NCLT, although they had some reservations regarding ongoing legal matters. The NCLT clarified that the scheme's approval would not affect existing attachment orders or terminate criminal proceedings. The High Court emphasized that allowing the transfer would enable the scheme to reach a “logical end,” addressing the grievances of creditors and investors.

The OTS scheme covers over 5,600 traders and involves a total payout of ₹1,950 crore, to be deposited in an account administered by retired Bombay High Court judge Justice Shirish Gupte. 63 Moons noted that this High Court approval is one of several judicial clearances needed for full implementation, which also includes the assignment of traders’ rights and the closure of legal proceedings against the group. The NSEL crisis began in August 2013, when NSEL, with 63 Moons’ support, initially paid approximately ₹179 crore to over 7,000 traders with claims under ₹10 lakh.

(Source：The Free Press Journal)