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Mumbai Court Orders Asset Sales for ₹1,950 Crore Creditor Payment
A court in Mumbai has told the Enforcement Directorate to sell properties connected to the NSEL case.
The money from those sales may help repay some creditors and investors.
Up to ₹1,950 crore can be paid to 63 Moons Technologies, which is acting on behalf of those claimants.
The payment cannot happen until a condition in an approved settlement plan is met.
The ED did not object to this limited payment arrangement.
But it said that this does not mean it agrees about who owns the properties or how they were obtained.
If the sales raise more than ₹1,950 crore, the extra money must stay with the court for now.
The case began after payment defaults on the exchange platform in 2013.
A Mumbai PMLA court directed the Enforcement Directorate to monetise properties attached in the NSEL payment-default case.
The court authorised payment of up to ₹1,950 crore from the proceeds to 63 Moons Technologies as assignee of specified creditors and investors.
Payment depends on the Settlement Trigger Event under a scheme approved by the NCLT.
The ED did not oppose the ₹1,950 crore assignment but said its position did not establish ownership of assets or that they were proceeds of crime.
Any proceeds above ₹1,950 crore are to remain under the special court’s control until further orders.
- Who
- The Mumbai special PMLA court, the Enforcement Directorate, and 63 Moons Technologies acting as assignee for specified creditors and investors.
- What
- The court directed the ED to monetise attached properties and authorised up to ₹1,950 crore of proceeds for 63 Moons, subject to a settlement condition.
- Where
- Mumbai, India.
- When
- The order is dated October 8; the article does not specify the year.
- Why
- To facilitate payment to specified creditors and investors under a court-approved settlement scheme.
Court-approved payment
ED’s reservations
Payment to creditors
Court-approved payment
The court held that 63 Moons may receive up to ₹1,950 crore from monetised assets as assignee of specified creditors’ claims, subject to the settlement condition.
ED’s reservations
The ED did not oppose this limited assignment, but said its position was not an admission about asset ownership or whether any property was proceeds of crime.
Proceeds above the authorised amount
Court-approved payment
The applicants reserved the right to seek any proceeds exceeding ₹1,950 crore at an appropriate stage.
ED’s reservations
The ED asked that any excess remain under the special court’s custody and not be distributed until the proceedings reach an appropriate conclusion.
Key facts
- Maximum amount authorised
- ₹1,950 crore
- Recipient
- 63 Moons Technologies, as assignee of specified creditors’ and investors’ claims
- Asset-sale authority
- Enforcement Directorate, in consultation with the competent authority under the Maharashtra Protection of Interest of Depositors Act
- Payment condition
- Occurrence of the Settlement Trigger Event defined under the scheme
- Scheme approval
- Approved by the NCLT, Mumbai, on November 28, 2025
- Excess proceeds
- Any amount above ₹1,950 crore is to remain in the special court’s custody and control pending further proceedings
- Case origin
- Payment defaults on the NSEL exchange platform in 2013
Sources
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