India News | SC Appoints Panel Headed by Retd. HC Judge for Recovery of Monies from Defaulters: NSEL

New Delhi, May 4 (PTI) The Supreme Court has approved the formation of the Supreme Court Committee headed by Justice (retd) Pradeep Nandrajog for recovery of monies from the defaulters against whom National Spot Exchange Ltd has secured money decrees, a press release from NSEL said.

It added that the top court while exercising its plenary powers under Article 142 of the Constitution has approved the formation of the committee.

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It said that NSEL, has already, single-handedly secured decrees/ arbitration awards worth Rs. 3,534.46 crore against the defaulters.

“Further, an amount of Rs. 760.31 crore worth of defaulters' liabilities have already been crystallized by the High Powered Committee appointed by the Bombay High Court, which NSEL is confident of soon being culminated into Decree”, the release said.

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It further said that proceedings for a decree against N.K. Protein worth Rs. 964 crore is pending before the Bombay High Court, nevertheless, the Forensic Auditor appointed by Economic Offence Wing, Mumbai Police, and Serious Fraud Investigation Office have confirmed the liability of N.K. Proteins to Rs. 964 crore.

Two of the Defaulters have already paid their liabilities amounting to Rs. 195.75 crore, the press statement said.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)