SC scraps special leave petitions, frees receivables on assets of 63 moons

Supreme Court has dismissed the Special Leave Petitions (SLP) of NSEL Investor Action Group (NIAG) and Government of Maharashtra, declining to interfere with the Bombay HC order of releasing receivables on the assets of 63 moons (formerly known as FTIL) attached under the Maharashtra Protection of Interest of Depositors (MPID) Act in the Rs 5,600-crore NSEL scam.

The Bombay High Court had on 24 October 2018  ordered release of 63 Moons properties in the same case.

The interim order stayed the attachment of ODIN software, its receivables of the properties already attached which now allows the company to receive periodically accrued benefits on its investments.

The attachments of 63 moons’ assets were done through the notifications issued by the government of Maharashtra in April 2018 under provisions of MPID act. 
 

The Bombay High Court had observed that various government agencies, including the EOW-Mumbai and Enforcement Directorate have attached properties worth over Rs 8,500 crore owned by the defaulters, promoters and former employees of NSEL till November 2017 as against a defaulted amount of Rs 5,600 crore.

This order was challenged by the state and the NIAG in the Supreme Court and the matter was heard on January 28, 2019. 

The Supreme Court stated that since this is a matter of importance, it was requesting the Bombay High Court to conclude final hearing of the matter within the month of February itself.