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News Topical, Digital Desk : Recently, the National Company Law Tribunal (NCLT) in Mumbai approved a long-pending one-time settlement scheme between the National Spot Exchange Limited (NSEL) and its creditors. Shares of 63 Moons Technologies surged more than 18% on Friday. According to the filing, 92.81% of traders by number and 91.35% by value voted in favor of the settlement. This provides for a payment of ₹1,950 crore to 5,682 traders whose funds have been stuck since the 2013 NSEL payment crisis, one of India's longest-running market disputes.
How much will be paid?
Under this scheme, traders will receive payments based on their outstanding balances until July 31, 2024. Meanwhile, all legal cases against the group will be closed, and most will be awarded in 63 Moons' favor. The company stated that its support has been crucial in resolving this matter. The company stated that NSEL had previously disbursed ₹179 crore to over 7,000 small traders with outstanding balances of less than ₹10 lakh in August 2013.
The government's key role: NSEL MD and CEO Neeraj Sharma said that this outcome would not have been possible without the positive approach of the current BJP government (central and state). He added that this was stalled during the previous government. NSEL Investors Forum Chairman Sharad Kumar Saraf also welcomed the decision and thanked NSEL, 63 Moons, and government officials for their efforts. Following this announcement, shares of 63 Moons Technologies Ltd. reached an intraday high of ₹931.40 and were trading 18.17% higher at ₹923.40 on the NSE at 2:21 pm
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