Mumbai: A special PMLA court 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, subject to the occurrence of the settlement trigger event under the approved settlement scheme.
Special Prevention of Money Laundering Act (PMLA) court Judge Nitin V Jiwane partly allowed an application by 63 Moons and Harpreet Kaur Dang, an authorised representative of specified creditors and investors, seeking directions for the distribution of proceeds realised from properties attached in the money-laundering case.
The court directed the ED to pay Rs 1,950 crore to 63 Moons as and when the amount is realised through the monetisation of the attached properties. It also directed the agency to proceed with the monetisation in consultation with the competent authority appointed under the Maharashtra Protection of Interest of Depositors (MPID) Act, as the properties are attached under both the MPID Act and the PMLA.
ET reviewed the order.
The application was filed pursuant to a settlement scheme between NSEL and its specified creditors, approved by the Mumbai bench of National Company Law Tribunal (NCLT) on November 28, 2025. The National Company Law Appellate Tribunal (NCLAT) subsequently upheld the scheme, while a challenge before the Supreme Court was dismissed.
Under the scheme, claims of specified creditors are to be assigned to 63 Moons upon the occurrence of the settlement trigger event. The company approached the PMLA court seeking directions to monetise properties attached by the ED and distribute the proceeds in accordance with this assignment mechanism.
The applicants limited their immediate claim to Rs 1,950 crore, reserving the right to seek any excess amount realised at a later stage.
The court noted that the Supreme Court, in an order dated April 13, 2026, had recognised the settlement scheme and directed designated courts and authorities to pass appropriate orders expeditiously to facilitate its implementation and payments to eligible investors.
The court clarified that the distribution would take place only after the settlement trigger event occurred and as and when the attached properties were monetised. The order noted that the “prosecution has given the ‘No Objection’ for assignment as prayed by the applicant…”
ED had initially opposed the application but later, in an additional affidavit, said it had no objection to the assignment of Rs 1,950 crore to 63 Moons.
