The NSEL Investors Forum has written to Maharashtra Chief Minister Devendra Fadnavis, seeking the state government’s support for a proposed one-time settlement (OTS) between investors and the National Spot Exchange Ltd (NSEL). The forum has urged that no actions be taken by state agencies that could disrupt or delay the process.
The proposed settlement, valued at ₹1,950 crore, has been filed under Section 230 of the Companies Act with the National Company Law Tribunal (NCLT), Mumbai. As part of the process, a postal ballot was conducted between April 17 and May 17 via NSDL. According to the company, over 92% of investors by number and over 91% by value voted in favour of the scheme.
The NCLT has admitted the company petition, and the final hearing is scheduled for July 11.
According to the forum, the settlement plan is the result of prolonged efforts to resolve the NSEL payment default issue that has been pending since 2013. The exchange, backed by its parent company 63 Moons Technologies, has offered the settlement to provide partial recovery to investors in return for the assignment of their claims.
The forum said that continued legal proceedings and regulatory attachments under laws such as the MPID Act and PMLA have delayed recoveries. It has asked the state government to refrain from actions through the Economic Offences Wing (EOW) or other authorities that could complicate proceedings before the tribunal.
In earlier recovery efforts, NSEL claims to have made 100% payments to investors with claims up to ₹10 lakh and partial payments to those with higher exposures.
The outcome of the July 11 hearing will determine the viability of the proposed scheme, which investor groups have described as a potential breakthrough in a case that has remained unresolved for more than a decade.