Mumbai: The National Spot Exchange Limited (NSEL) has filed a petition before the National Company Law Tribunal (NCLT) in connection with a new scheme of arrangement that the company has proposed for the specified creditors.
In its One-Time Settlement (OTS) Scheme, NSEL mentioned in a press release that it seeks to offer a one-time, amicable, full and final settlement to 5,682 traders. The OTS was originally proposed by the NSEL Investors Forum (NIF), an association representing a large number of traders.
“As per the scheme of settlement, an amount of Rs. 1,950 crores shall be paid to 5,682 traders in proportion to their outstanding amounts as on 31st July, 2024. This settlement would result in the closure of legal cases against the group, along with the assignment of all rights of the traders in favour of 63 moons.
The NCLT, vide its order dated 8th April, 2025, directed e-voting by the traders on the proposed resolution for approval of the settlement scheme. The tribunal appointed Ashwini Gupta (Company Secretary) as Scrutinizer and Mukesh Mital (Retd. IRS) as Chairperson to oversee the e-voting process. The voting commenced on 17th April, 2025, and concluded on 17th May, 2025,” stated the press release issued by NSEL in May 2025.
After the scheme was submitted to the NCLT, the tribunal directed the petitioner company (NSEL) to issue notices to the statutory authorities, as required under Rule 8 of the Companies (Compromise, Arrangements and Amalgamations) Rules, along with the Competent Authority appointed by the State of Maharashtra under Section 4(2) of the MPID Act in MPID Special Case No. 1 of 2014; the Chief Investigating Officer (NSEL), Economic Offences Wing, Unit-14, NSEL-SIT, Mumbai; the Enforcement Directorate, Western Zone, Mumbai, through the Deputy Director, Mumbai; the Serious Fraud Investigation Office, Western Region, through the Assistant Director, Mumbai; and the consenting brokers, thereby informing them of the date fixed for the hearing.
The NCLT has further stated that any objections to the development must be filed within 30 days. Accordingly, the tribunal has admitted the petition and fixed the matter for hearing and final disposal on July 11, 2025.
