Mumbai, October 12, 2026 (Yes Punjab News)
A special Prevention of Money Laundering Act (PMLA) court in Mumbai has allowed the Directorate of Enforcement (ED) to monetise attached assets worth Rs 3,464 crore in the National Spot Exchange Limited (NSEL) case, paving the way for the restoration of Rs 1,950 crore to investors under a one-time settlement scheme approved by the National Company Law Tribunal (NCLT).
According to an ED statement issued on Monday, the court’s order, dated October 8, marks a significant step towards providing relief to investors who have been awaiting recovery since the payment default in 2013.
Under the order, up to Rs 1,950 crore realised through the monetisation of properties attached under the PMLA will be paid to 63 Moons Technologies Ltd., acting as the assignee of the specified creditors or investors. The payment will be made after the occurrence of the “Settlement Trigger Event” defined under the NCLT-approved scheme.
The scheme provides for payment of Rs 1,950 crore to 5,682 specified creditors. As several of the properties are also attached under the Maharashtra Protection of Interest of Depositors (in Financial Establishments) Act, 1999, the ED will undertake the monetisation process in consultation with the competent authority under the MPID Act, the statement said.
The ED has given its no-objection to the arrangement to facilitate early restitution to investors. Any amount realised in excess of Rs 1,950 crore will remain in the custody of the Special Court, subject to the final outcome of the proceedings, according to the order.
An FIR in the NSEL case was initially registered in 2013 at Mumbai’s M.R.A. Marg Police Station and was later transferred to the Mumbai Police’s Economic Offences Wing. The case named the platform provider, its directors and key officials, 25 defaulting members and others, on allegations of criminal conspiracy, cheating, criminal breach of trust and forgery.
The allegations included allowing commodity trading without actual underlying stocks. The resulting payment default affected around 13,000 investors, with outstanding dues estimated at approximately Rs 5,600 crore.
The ED subsequently recorded an Enforcement Case Information Report (ECIR) and investigated the matter under the Prevention of Money Laundering Act, 2002. It has issued 35 provisional attachment orders covering assets valued at approximately Rs 3,464.03 crore and filed prosecution complaints, including supplementary complaints, before the Special Court.
On November 28, 2025, the NCLT, Mumbai, approved a Scheme of Arrangement under Sections 230–232 of the Companies Act, 2013, providing for a one-time settlement of Rs 1,950 crore for 5,682 specified creditors.
The scheme was approved by more than 92 per cent of the creditors and provides each eligible creditor with a minimum recovery of approximately 42 per cent of their verified claims.
The National Company Law Appellate Tribunal (NCLAT) dismissed an appeal against the scheme’s approval on January 15, 2026. An appeal before the Supreme Court was also dismissed.
On April 13, the Supreme Court directed all courts and authorities to pass appropriate orders expeditiously to implement the scheme, noting its purpose of ensuring payment to eligible investors.
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