Investors Forum Seeks Maharashtra CM Fadnavis's Support For Rs 1,950 Cr Settlement Plan
The forum, which represents a significant number of affected investors, has emphasised the importance of government cooperation in facilitating the scheme, cautioning against any intervention from state agencies that could impede its progress.
According to the Forum, the settlement—nearly twelve years in the making—promises a recovery rate of approximately 48%, far surpassing the recovery benchmarks seen in typical insolvency proceedings. Investors have agreed to assign their claims to 63moons in return for the settlement amount, even as enforcement actions under MPID and PMLA Acts continue against defaulters.
Earlier this year, NSEL initiated a formal Scheme of Arrangement under the Companies Act, 2013. Following NCLT's direction, a month-long postal ballot process was conducted, where over 92% of participating investors, by number and value, voted in favor of the proposal.
The final hearing at the NCLT is slated for July 11, 2025. In the lead-up, the Forum has urged the Chief Minister to issue appropriate guidance to relevant state bodies, emphasizing the importance of a unified approach to avoid delays or disruptions.
The forum also suggested appointing an expert in company law to represent the state's interests effectively before the tribunal.
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