The National Company Law Tribunal, Mumbai (NCLT) has approved the One Time Settlement Scheme between National Spot Exchange Limited (NSEL) and Traders. NSEL, with the support of its parent company namely 63 Moons Technologies Limited had filed a Scheme of Settlement before the NCLT, Mumbai, for a one-time amicable full and final settlement with 5,682 Traders.
The Scheme of Settlement was put to vote by Hon’ble NCLT wherein 92.81% of traders in number and 91.35% in value voted in favour the One Time Settlement. The Settlement Scheme envisages payment of Rs. 1,950 crores to 5,682 traders in proportion to their outstanding as on 31st July, 2024, against closure of legal cases against the group along with assignment of all rights of traders in favour of 63 Moons.
Back in August 2013 also, NSEL with the support of 63 Moons had paid around Rs. 179 crores, thereby giving relief to 7,053 traders with outstanding of less than Rs. 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. This decision would bring major relief for the traders whose monies were stuck in the NSEL payment crisis that happened in July 2013.
Dr. Sharad Kumar Saraf, Chairman of 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.