NSEL case: SC admits EOW's appeal against 63 Moons Technologies order

63 moons | Photo: Twitter
The Supreme Court on Tuesday admitted the Maharashtra state’s (Mumbai Police) appeal against the order of the division bench of Mumbai High Court, freeing attachment of properties of 63 Moons Technologies in the NSEL default case. 

The SC will hear the case on 27 November. However, the apex court has said that status quo will continue. When the state appealed against the HC order, it had not released the attachment, which now stays.  However, the SC has not put a stay on the HC order. 

On August 22, the Bombay High Court had struck down the Maharashtra government’s order for attaching properties worth Rs 2,500 crore of 63 Moons Technologies in the Rs 5,600-crore payment default of 2013 at its then subsidiary, National Spot Exchange (NSEL).  

This was challenged by the state, as the attachment was done by the Economic Offence Wing of Mumbai Police, under the Maharashtra Protection of Interest of Depositors (MPID) Act. The Bench observed while passing the order that “the NSEL is not a financial establishment within the purview of the Maharashtra Protection of Interest of Depositors (MPID) in Financial Establishments Act (under which attachment was made). Hence, we decline the prayer (of the state).”

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel