Bombay High Court adjourns all NSEL case proceedings till Dec 5

The Bombay High Court has adjourned all cases linked to the scam hit National Spot Exchange Ltd (NSEL) until December 5 resulting into longer wait for investors seeking the court direction.

While the settlement case between NSEL and its second largest investor Mohan India seeking supervisory direction from the court is scheduled for hearing on December 6, e-series investors awaiting financial settlement or delivery of the underlying commodities also faces extended gestation period.

Proceedings of cases in other courts, however, will continue as per schedule.

The session court today reserved its judgment on the bail application plea moved by Nilesh Patel, managing director of NSEL’s largest defaulter NK Proteins (NKP).

Meanwhile, NKP submitted a settlement plan of Rs 25 crore upfront and then will continue to pay Rs 5 crore every month till the payment achieves Rs 275 crore. The company estimates a monthly turnover of Rs 75 crore from castorseed processing of which it is open to pay Rs 5 crore every month.

The bail pleas of Arun Kumar Sharma, Director of Lotus Refineries, another NSEL defaulter, and Jai Bahukhandi, an ex-NSEL official alleged for kickbacks, are scheduled for hearing in the Sessions Court on November 28 and 29 respectively.