Mumbai, Dec 31: The Bombay High Court has permitted the transfer of Rs 84 crore, along with accrued interest, deposited by 63 Moons Technologies Ltd (formerly Financial Technologies India Ltd), to a settlement account under a One-Time Settlement (OTS) Scheme approved by the National Company Law Tribunal (NCLT). The order facilitates resolution of long-pending claims arising from the 2013 National Spot Exchange Limited (NSEL) payment crisis.
Order passed on interim application by 63 Moons
A bench of Justices Manish Pitale and Manjusha Deshpande recently passed the order while allowing an interim application filed by 63 Moons, arising from an NCLT Mumbai Bench-I order dated November 28, 2025, which sanctioned a Scheme of Arrangement between NSEL and its specified creditors.
Deposit to be transferred within seven days
Allowing the application, the bench directed the high court registry to transfer the Rs 84 crore deposit to the settlement account within seven days of filing of a compliance affidavit by 63 Moons, as mandated under the scheme.
Pendency of proceedings disclosed before NCLT
The court noted that the pendency of the petition and other connected civil and criminal proceedings had been disclosed before the NCLT.
EOW and MPID authority supported scheme
In its detailed order, the High Court noted that the Economic Offences Wing (EOW) and the competent authority under the Maharashtra Protection of Interest of Depositors (MPID) Act, 1999, had supported the scheme before the NCLT, though subject to reservations concerning matters pending before the High Court and the Supreme Court.
Scheme does not affect criminal proceedings or attachments
Quoting the NCLT’s operative directions, the bench highlighted that sanction of the scheme “shall not, in any manner, override, dilute, or affect the operation of any subsisting attachment orders” and would not amount to quashing or termination of criminal proceedings.
Court says order enables scheme to reach logical end
“We find that the present application is filed in pursuance of the Scheme of Arrangement approved by the NCLT, taking into consideration the interests of all stakeholders,” the High Court observed.
The bench added that allowing the application would enable the scheme to reach its “logical end”, thereby substantially addressing the grievances of creditors and investors.
OTS scheme covers over 5,600 traders
The OTS Scheme envisages payment of Rs 1,950 crore to 5,682 traders in proportion to their outstanding dues as on July 31, 2024. The settlement amount will be deposited in a dedicated account to be administered by retired Bombay High Court judge Justice Shirish Gupte.
Further judicial approvals required
63 Moons submitted that the High Court’s approval is one among several judicial clearances required for implementation of the settlement. The scheme also provides for assignment of traders’ rights in favour of 63 Moons and closure of legal proceedings against the group.
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Background of the NSEL crisis
In August 2013, NSEL, with the support of 63 Moons, had paid approximately Rs 179 crore to over 7,000 traders with claims of less than Rs 10 lakh.
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