Lawstreet Journal

NSEL v 63 Moon Technologies : 1000s Of Crores Remain To Be Paid, Investors Group Tell Supreme Court

Lawstreet Journal 25 Mar 2022 8:02pm

Image courtesy: Lawstreet Journal Business NSEL v 63 Moon Technologies : 1000s Of Crores Remain To Be Paid, Investors Group Tell Supreme Court

"Till Date Investors Are Waiting To Be Repaid, 1000's Of Crores Remains To Be Paid and Only 5% Out Of 5k-6k Crore Has Been Paid," NSEL Action Investors Group told Supreme Court in the SLP preferred by the State of Maharashtra and NSEL Investors Action Group assailing Bombay High Court's order of freeing attachment of assets of 63 Moons Technologies.

The High Court bench of Justices Ranjit More and Bharati Dangre in the writ preferred by 63 Moons Technologies Ltd had also observed that National Spot Exchange Limited is not a financial establishment under the Maharashtra Protection of Depositors in Financial Establishments Act, 1999 ("MPID Act, 1999").

In the writ petition, 63 Moons had challenged the constitutionality of Sections 4 and 5 of the MPID Act and the action of attachment of properties belonging to NSEL by issuing notifications after invoking provisions of MPID Act.

The Top Court bench of Justices RF Nariman, Surya Kant and V Ramasubramanian in 2019 had while issuing notice in the SLP had directed for maintenance of status quo which had existed on September 3, 2019.

On 24th March 2022, in the hearing Advocate Jayant Mehta and ASG Vikramjit Banerjee made submissions before the bench of Justices DY Chandrachud, Surya Kant and Bela M Trivedi on behalf of NSEL Investors Action Group and State of Maharashtra.

Advocate Jayant Mehta for the NSEL Investors Action Group submitted that under the MPID Act, 1999 there is a complete mechanism and machinery available in terms of notification issued u/s 4 for… Continue Reading...

Tagged: Supreme Court of India  
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