NSEL Investors Forum urges Maharashtra CM to facilitate one-time settlement
The forum has urged the State Government 'to refrain from any actions that may delay or derail the settlement process.'
In a letter addressed to the Chief Minister, the forum, representing investors impacted by the NSEL payment default crisis, has highlighted the importance of the settlement, which has been discussed over a decade.
The forum has emphasised that after nearly 12 years of pursuing recovery efforts through various channels, a breakthrough consensus has finally been reached between NSEL and its investors.
The proposed OTS, valued at ₹1,950 crore, is aimed at providing investors a substantial recovery of their lost funds.
Notably, while recovery rates in typical insolvency cases hover between 10% and 20%, the OTS is expected to yield approximately 48% recovery for affected investors — a significantly higher return, the Forum said.
Earlier this year, to formalise the settlement, NSEL filed a Scheme of Arrangement before the National Company Law Tribunal (NCLT), Mumbai.
In its letter to Mr. Fadnavis, the Forum had expressed concerns that any adverse or negative response from state authorities, including the Economic Offences Wing (EOW) or the Competent Authority overseeing the matter, could jeopardise the settlement.
'Such actions would not only derail the process but could also be perceived as working against the interests of the investors,' the letter said.
To ensure a smooth resolution, the forum has requested that the State Government appoint a senior legal expert with experience in company law matters to guide the state's position effectively before the NCLT.
'We humbly urge the Chief Minister to issue necessary directions to relevant authorities and departments to avoid any hasty or negative steps that may derail or delay the proposed settlement,' the forum stated.
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