63 Moons Technologies Limited Vs Union of India & Ors. (Bombay High Court)
The Bombay High Court was seized of an appeal filed under Section 42 of the Prevention of Money Laundering Act, 2002 (PMLA), challenging an order of the Appellate Tribunal under the PMLA. In connection with this appeal, Interim Application No. 4604 of 2025 was taken out by the appellant seeking relief in terms of a settlement scheme sanctioned by the National Company Law Tribunal (NCLT) on 28.11.2025. The applicant sought directions for implementation of the settlement scheme, including the transfer or release of properties attached under provisional attachment orders and consequential steps necessary to give effect to the scheme.
The Court heard submissions from senior counsel appearing for the applicant, representatives of the NSEL Investors Forum, National Spot Exchange Limited (NSEL), and the Directorate of Enforcement. The Court examined the scheme of arrangement formulated under Section 230 of the Companies Act, 2013 between NSEL and its “Specified Creditors.” The scheme defined Specified Creditors as traders with outstanding amounts exceeding ₹10 lakh as of August 2013, including their successors and assigns. It also comprehensively defined “Specified Creditors Claim” to include all monetary and legal claims arising directly or indirectly from the payment default and trades on the NSEL platform, including claims pursued under various statutes and proceedings such as those under the MPID Act, PMLA, and multiple civil and constitutional proceedings.
