Committee, comprising Justice VC Daga, J Solomon and Yogesh Thar, would determine the amount payable by defaulters / third parties. It is also empowered to ascertain their assets.
The move has come as a big relief for investors as the process of recovery will now get fast-tracked.
The committee, comprising Justice VC Daga (retired judge of Bombay High Court), J Solomon (practicing solicitor) and Yogesh Thar (practicing CA from Bansi Mehta & Company), would determine the amount payable by defaulters / third parties, while it is also empowered to ascertain their assets.
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The properties that have been attached by the Economic Offences Wing (EOW) and Income Tax authorities, will directly come under the purview of this committee. However, the committee's decision would not be the final one and would have to be vetted through court.
Moreover, it has to coordinate with the Forward Markets Commission and then eventually it will be the Bombay High Court which will take a final call on whether these assets should be liquidated or not.
Properties attached by the Enforcement Directorate (ED) does not come directly under the purview of this committee, but once the ED talks about liquidating some assets, it too will have to talk to NSEL and then the committee might takeover.
The committee may also look at the negotiations of the settlement process. If some defaulters are willing for a mutual settlement, mutual agreement, it can look into it and may determine the amount payable by defaulters.
The good thing is, now the case is being supervised by Bombay High Court, a superior court as compared to the earlier case where it was the MPID court which sort of dragged the whole process.
Commenting on the development Saji Cherian, MD & CEO, NSEL, said: "This is a landmark judgment, which will definitely expedite the recovery process. It is in line with the diligent recovery efforts of NSEL team and board and a great enabler in providing the required relief to the clients. As this is a step in the right the right direction and only way forward where the thrust is given on recovery, we look forward to increased focus of all related groups to work collectively in achieving desired objective."
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