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As per the scheme of settlement, approved by the National Company Law Tribunal (NCLT), an amount of ₹1,950 crore would be paid to 5,682 traders in proportion to their outstanding as on July 31, 2024, said NSEL in a release on Tuesday.
“This settlement would mean closure of legal cases against the group along with assignment of all rights of traders in favour of 63 moons,” it said.
The NSEL payment crisis began in July 2013 when the exchange defaulted on 5,600 crore owed to around 13,000 investors. It had offered contracts that involved buying and selling commodities with fixed returns, but most trades were not backed by the actual commodity.
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https://economictimes.indiatimes.com/markets/stocks/news/nsel-crisis-92-of-traders-approve-one-time-settlement-scheme/articleshow/121302707.cms
