Financial Technologies (India) Limited Vs State of Maharashtra (Bombay High Court)
The Bombay High Court considered an Interim Application arising out of a writ petition filed by Financial Technologies (India) Limited, which had subsequently been renamed as 63 Moons Technologies Limited. At the outset, the Court allowed amendment of the cause title to reflect the change in the petitioner’s name, noting that there was no serious objection and that such amendment was in the interest of justice.
The Interim Application stemmed from an order dated 28.11.2025 passed by the National Company Law Tribunal (NCLT), Mumbai Bench-I, approving a Scheme of Arrangement between National Spot Exchange Limited and its Specified Creditors. The applicant sought a direction for transfer of ₹84 crores, along with accrued interest, lying in deposit with the Registry of the High Court, to the Settlement Account constituted under the approved Scheme. The application also sought disposal of the pending criminal writ petition in view of the approval of the Scheme by the NCLT.
The Court heard submissions from senior counsel for the applicant and the Special Public Prosecutor representing the State through the Economic Offences Wing (EOW). It was noted that during the proceedings before the NCLT, the pendency of the present criminal writ petition and other related proceedings had been duly disclosed. The NCLT had also sought and considered the response of the EOW while approving the Scheme. The High Court referred to the NCLT’s observations that the EOW and the Competent Authority under the Maharashtra Protection of Interest of Depositors (In Financial Establishments) Act, 1999 had supported the Scheme, though with certain reservations relating to pending proceedings before the High Court and the Supreme Court.
