India, Nov. 29 -- The National Company Law Tribunal (NCLT) has approved a one-time settlement scheme worth Rs.1,950 crore between National Spot Exchange Ltd. (NSEL) and its traders, clearing the way for the resolution of claims pending for more than a decade involving over 5,600 investors.

A Bench comprising judicial member Sushil Mahadeorao Kochey and technical member Prabhat Kumar held that the settlement scheme complies with legal requirements and is "not contrary to public policy."

Under the plan, Rs.1,950 crore will be distributed to 5,682 traders in proportion to their outstanding dues as of July 31, 2024. In return, traders must withdraw all legal proceedings against NSEL, 63 Moons Technologies, and related entities, and assign t...