Mumbai court clears sale of ₹3,464 crore assets to fund NSEL creditor settlement
A special PMLA court in Mumbai has approved the monetisation of assets worth ₹3,464 crore attached by the Enforcement Directorate, aiming to fund a ₹1,950 crore settlement for 5,682 NSEL creditors.
In a decisive step for the long-running NSEL case, a Mumbai special PMLA court sanctioned the sale of assets seized by the Enforcement Directorate, valued at ₹3,464 crore. The proceeds are earmarked to implement a ₹1,950 crore one-time settlement for 5,682 identified creditors, as authorized by the National Company Law Tribunal. 63 Moons Technologies Limited will receive the settlement amount after a predefined trigger event under the approved scheme.
The Enforcement Directorate has given a no-objection, while coordination with the Maharashtra Protection of Interest of Depositors Act authority will guide the monetisation of overlapping attachments. Any excess funds will remain with the court pending final resolution. The scheme, which offers about 42 % recovery of verified claims, was backed by more than 92 % of creditors and survived challenges in the National Company Law Appellate Tribunal and the Supreme Court.
Why it matters
The ruling could return billions to thousands of investors harmed by the 2013 NSEL payment defaults.
In this story
