NSEL case: Bombay HC orders release of ₹84 cr to OTS account

Bombay High Court in Mumbaf | Photo Credit: VIVEK BENDRE

The Bombay High Court ordered to transfer ₹84 crore deposited by 63 moons technologies (formerly Financial Technologies) along with accrued interest to the settlement account that intends to repay investors as per the one-time settlement proposed by National Spot Exchange and approved by NCLT.

The Court ruling by a two-judge bench of Justices Manish Pitale and Manjusha Deshpande was on an application filed by 63 moons for release of money lying for meeting one-time settlement.

The pendency of the present writ petition of 2015 was divulged along with other pending proceedings and the response of the EOW was also sought while passing the order by the NCLT.

The NCLT order specifically recorded that the EOW and the Competent Authority under the Maharashtra Protection of Interest of Depositors (In Financial Establishments) Act, 1999 had supported the scheme although they had certain reservations about pending matters before this Court and the Supreme Court, said the Court judgement.

NCLT has said the sanction of the Scheme of Arrangement will not over ride orders passed by any Court, Tribunal or Authority.

“We find that the current 63 moons application is one such application filed in pursuance of the Scheme of Arrangement that appears to have been approved by the NCLT, taking into consideration the interest of all the stakeholders,” said the HC order.

“We further find that allowing this application would facilitate the

Scheme of Arrangement being taken to its logical end, which

consequentially, would satisfy the grievance of the creditors and investors to a large extent,” it said.

The ruling of Bombay High Court is one of the many orders that are part of Settlement. The applications have been filed in respective courts, said 63 moons.

The one-time Settlement Scheme envisages payment of ₹1,950 crores to 5,682 traders in proportion to their outstanding as of July, 2024, against closure of legal cases against the group along with assignment of all rights of traders in favour of 63 moons.

In August 2013, NSEL with the support of 63 moons had paid about ₹179 crore, thereby giving relief to 7,053 smaller traders with outstanding of less than ₹10 lakh.

Published on December 22, 2025