63 Moons agrees to one-time settlement of Rs 1,950 crore in NSEL matter

Technology firm 63 Moons has reached a settlement agreement with investors of the National Spot Exchange (NSEL) in the 2013 NSEL payments crisis case. The company will pay Rs 1,950 crore as a one-time settlement to resolve the matter.

 

According to the NSEL Investors Forum, the terms of the agreement stipulate that 63 Moons will make the payment as a full and final settlement to the investors. In return, the investors will assign their claims against defaulters and other parties to 63 Moons. The forum also confirmed that a majority of investors voted in favour of the settlement. 

 

A formal settlement application has been filed with the National Company Law Tribunal (NCLT), Mumbai. To ensure transparency, an escrow agent and monitoring authority will be appointed to oversee the disbursement of funds to the investors.

 

This settlement will release the 63 Moons group from ongoing legal proceedings while enabling investors to recover a portion of their dues, albeit at a haircut.