Mumbai, Nov. 28 -- In a landmark decision that promises to bring closure to one of India's longest-running financial disputes, the National Company Law Tribunal (NCLT) on Friday approved the One-Time Settlement Scheme between National Spot Exchange Limited (NSEL) and its specified creditors.
The approval marks a turning point for nearly 5,700 traders whose funds had remained stuck since the NSEL payment crisis erupted in July 2013.
Backed by 63 moons technologies limited, the settlement scheme aims to provide a final, amicable resolution after years of court battles and stalled recovery efforts.
According to the disclosure filed by 63 moons with the stock exchanges, the settlement proposal received overwhelming support during voting held...