NSEL case: Bombay HC raps Maharashtra govt on 63 Moons' property attachment

Says total attached properties' value is Rs 85.48 bn against defaulted amount of Rs 56 bn, further attachment is 'arbitrary'

The Bombay High Court has restrained the Maharashtra government from attaching further immovable properties and investments owned by 63 Moons Technologies (formerly Financial Technologies) in the Rs 56 billion payment default case involving its subsidiary, National Spot Exchange Ltd (NSEL).

A two-judge bench of Justice Ranjit More and Justice Bharati H Dangre observed that various government agencies, including the Economic Offences Wing (EOW) of the Mumbai Police and Enforcement Directorate have attached immovable properties owned by the defaulters, promoters and former employees of NSEL till November 2017. The value of the properties attached is worth Rs 85.48 as against a