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The NSEL Investors Forum, an association representing a substantial number of traders affected by the collapse of NSEL, submitted the proposal. The settlement aims to close specific legal proceedings and assign all rights and claims of the NSEL traders to 63 Moons. This will allow the company to pursue recoveries from defaulters through decrees and liquidation of attached assets.
The Board of Directors of 63 Moons, in a meeting on Saturday, December 14, reviewed the proposal and approved it. The decision is now subject to obtaining the necessary legal clearances and fulfilling conditions to safeguard the company’s interests.
The NSEL has outlined a timeline for the implementation of the settlement, which includes preparing the scheme by January 15, 2025, reviewing it by January 30, 2025, and filing it before the appropriate judicial forum by February 15, 2025.
This approval is a step towards resolving the financial dispute that has persisted since the collapse of NSEL in 2013. The decision is likely to bring closure to numerous unpaid claimants and enable 63 Moons to focus on recoveries and resolution.
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