NSEL Investors Forum Pushes for Rs 1,950 Crore Settlement: A Major Step Towards Resolution
The NSEL Investors Forum is appealing to Maharashtra's Chief Minister for support in a Rs 1,950 crore one-time settlement with NSEL, promising relief for traders affected by the 2013 payment crisis. The Forum seeks the state government's cooperation to ensure the settlement process progresses without delays or complications.
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The NSEL Investors Forum (NIF) has petitioned Maharashtra Chief Minister Devendra Fadnavis for support in finalizing a Rs 1,950 crore settlement with the National Spot Exchange Ltd (NSEL). This settlement aims to resolve the long-standing financial impasse that has left traders' funds stranded since July 2013.
The forum's June 19 letter to the Chief Minister emphasizes the need for proactive government involvement to prevent any delays in the settlement. They urge the appointment of a senior legal expert to navigate the state's position before the National Company Law Tribunal (NCLT).
The planned settlement involves the distribution of Rs 1,950 crore among 5,682 traders proportional to their owed dues. The NCLT has admitted the petition, and a hearing is set for July. This agreement represents the culmination of 12 years of negotiation between NSEL and its investors.
(With inputs from agencies.)
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