Now Reading: PMLA court orders ED to monetise NSEL assets, pay Rs 1,950 crore
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PMLA court orders ED to monetise NSEL assets, pay Rs 1,950 crore
A special PMLA court in Mumbai has directed the Enforcement Directorate (ED) to monetise properties attached in the Rs 5,600-crore National Spot Exchange (NSEL) payment default case and distribute Rs 1,950 crore to 63 Moons Technologies Ltd from the proceeds, subject to the occurrence of a settlement trigger event under an NCLT-approved scheme. Special Judge Nitin V Jiwane partly allowed an application by 63 Moons and Harpreet Kaur Dang, an authorised representative of specified creditors and investors, The Economic Times and The Free Press Journal report.
The court directed the ED to proceed with monetisation in consultation with the competent authority under the MPID Act. The ED initially opposed the application but later filed an affidavit stating it had no objection to the assignment of Rs 1,950 crore to 63 Moons, though it clarified this should not be treated as an admission regarding the legal ownership of any property. The applicants restricted their immediate claim to Rs 1,950 crore, reserving the right to seek any excess amount later.
The settlement scheme was approved by the NCLT Mumbai bench on 28 November 2025, upheld by the NCLAT, and a challenge was dismissed by the Supreme Court. The Supreme Court on 13 April 2026 recognised the scheme and directed authorities to pass orders expeditiously to facilitate payments to eligible investors. The payment to 63 Moons will only take place after the settlement trigger event occurs and as and when the attached properties are monetised.
Indian Opinion Analysis
Both outlets report the same order, with identical key facts: the amount, the conditions, and the court's reliance on the NCLT-approved settlement scheme and the Supreme Court's April 2026 directive. The Economic Times frames the order as a 'decisive ruling' enabling a payout, while The Free Press Journal emphasises that 63 Moons is itself accused No. 73 in the PMLA case and that the ED's no-objection is not an admission of ownership. The Free Press Journal also specifies that any amount above Rs 1,950 crore must stay with the court. The coverage is uniform straight reporting, the differences are in the level of detail about the ED's legal caveats. The next concrete step is the monetisation of attached properties, which the ED must now carry out in consultation with the MPID authority.
No next step date is named in either source.
Coverage: 2 sources, 2 neutral
Sources (2): economictimes.indiatimes.com (neutral report), freepressjournal.in (neutral report)
This brief was synthesised by AI from the 2 sources linked above, so one read covers every framing they carry. Methodology and corrections.
