**NSEL Investors Forum Seeks Swift Execution of Settlement Plan**
The NSEL Investors Forum (NIF), representing a significant number of investors from the National Spot Exchange Limited (NSEL), is set to approach the Finance Ministry to expedite the implementation of a one-time settlement (OTS) approved by the National Company Law Tribunal (NCLT).
NIF Chairman Sharad Saraf emphasized the importance of the recent settlement between NSEL and 63 moons, stating, “This historic agreement marks a turning point for all investors, providing a fair resolution after years of legal disputes and uncertainty. We will urge the Finance Ministry to facilitate the swift execution of the settlement plan.”
The NIF is dedicated to ensuring that the OTS settlement process is conducted smoothly and transparently, seeking government support at every stage. The decision to engage with the Finance Ministry aims to streamline the settlement execution and expedite payments to investors.
Recently, the Mumbai Bench of the NCLT approved the OTS scheme, which outlines a payment of ₹1,950 crore to 5,682 traders based on their outstanding amounts as of July 31, 2024. This settlement will also involve the closure of legal cases against the group and the assignment of traders’ rights to 63 moons. The NCLT described the settlement scheme as fair and reasonable, affirming that it complies with legal provisions and public policy.
The OTS scheme, financially supported by NSEL’s parent company, 63 moons technologies, garnered overwhelming backing during the NCLT voting process, with 92.81% of traders by number and 91.35% by value voting in favor. Saraf expressed gratitude for the cooperation of NSEL and 63 moons technologies, highlighting the absence of a money trail and the hope that this settlement will set a precedent for resolving similar disputes across India.
Saraf also acknowledged the support from the Central Government, the State of Maharashtra, and investigating agencies in facilitating the OTS. “With the NCLT’s approval, we are one step closer to receiving the settlement amount,” he noted.
The OTS is available for investors with dues exceeding ₹10 lakh, as those with smaller claims have already been compensated. Approximately ₹750 crore has been disbursed to claimants across various segments, thanks to NSEL’s recovery efforts. Once finalized, the OTS will provide an unprecedented settlement payment ranging from 49.3% to 64% of the owed amounts, establishing a roadmap for future financial settlements.
**FAQ**
**What is the NSEL Investors Forum (NIF) seeking from the Finance Ministry?**
The NIF is requesting the Finance Ministry to expedite the execution of a one-time settlement plan approved by the NCLT, which aims to provide financial compensation to investors after years of legal disputes.
