63 moons says court dismissal enables Rs 1,950 crore settlement

63 moons technologies limited said the Supreme Court dismissed traders’ challenge to the NSEL scheme, enabling implementation steps for its Rs 1,950 crore settlement of approximately Rs 4,610 crore in specified creditor claims. The scheme, sanctioned by the National Company Law Tribunal on November 28, 2025, covers 5,682 creditors and envisages assignment of their claims to the company after payment.

What did the Supreme Court dismissal mean for 63 moons?

The Supreme Court dismissed the traders’ challenge to the National Company Law Appellate Tribunal’s dismissal of their appeal against the scheme, 63 moons said in its financial-results note approved on November 4, 2026. The National Company Law Tribunal had sanctioned the scheme on November 28, 2025, before traders appealed first to the appellate tribunal and then to the Supreme Court.

The dismissal does not mean the Rs 1,950 crore payment has already been made or that all related litigation has ended. 63 moons said it is taking necessary steps before the appropriate courts and tribunals to give effect to the scheme, describing implementation as the next stage after the appellate challenges were dismissed.

The scheme originated with the NSEL Investors Forum, which proposed a one-time full and final settlement among traders, National Spot Exchange Limited and 63 moons. The company described it as a structured resolution under the Companies Act, 2013, rather than a direct settlement outside the statutory scheme process.

How much will 63 moons pay under the NSEL scheme?

63 moons’ board approved participation in and support for the scheme on February 18, 2025, including a Rs 1,950 crore settlement amount. The payment is intended to settle approximately Rs 4,610 crore of claims from 5,682 specified creditors, in proportion to their outstanding claims as of July 31, 2024.

Specified creditors are traders whose outstanding claims exceeded Rs 10 lakh, according to the filing. The disclosed settlement amount is approximately Rs 2,660 crore lower than the stated value of the specified claims, but 63 moons did not explain how the payment amount was calculated or quantify the eventual value of assigned claims.

The filing does not state a payment date, funding mechanism or accounting treatment for the Rs 1,950 crore amount. It also does not estimate any future recovery from the assigned claims, so the announced settlement terms do not establish the eventual financial outcome for 63 moons.

What would 63 moons receive after making payment?

On payment of the Rs 1,950 crore settlement amount, the scheme envisages closure of proceedings against 63 moons and persons in the 63 moons Group. It also envisages their release and discharge from specified creditors’ claims, as well as removal of restraints on dealing with the company’s properties.

The scheme further provides for assignment of specified creditors’ claims to 63 moons after payment. The filing gives no value, collection timetable or recoverability assessment for those claims, which are linked to the NSEL payment-default matters that arose after July 2013.

63 moons linked the scheme to asset-release applications under the Maharashtra Protection of Interest of Depositors Act, or MPID Act, and the Prevention of Money Laundering Act, 2002, or PMLA. The company said applications for release of properties under the MPID Act and for release of assets under the PMLA had been allowed.

The company recognised Rs 15.44 crore of interest income in the quarter ended September 30, 2026 from fixed deposits held by the competent authority and other institutions in respect of attached assets. It said this interest treatment followed the scheme provisions and orders of the designated court under the MPID Act.

Which NSEL-related matters are still unresolved?

Several civil, criminal and regulatory matters remain pending despite the dismissal of the scheme challenge. 63 moons said civil suits filed after the July 2013 NSEL platform payment default remain before the Bombay High Court, though applications for disposal were filed and orders for disposal, dismissal or withdrawal have been passed in respective suits.

The filing also identifies proceedings involving the Economic Offences Wing, or EOW, the Central Bureau of Investigation, or CBI, the Serious Fraud Investigation Office, or SFIO, and the Enforcement Directorate, or ED. An ED prosecution complaint remains pending for trial before the special PMLA court in Mumbai, while cross-appeals involving attachment conditions are pending before the Bombay High Court.

The Ministry of Corporate Affairs matter remains pending for final hearing before the Supreme Court. The court had stayed the appointment of three nominee directors, and 63 moons said the challenged National Company Law Tribunal and appellate tribunal orders were kept in abeyance to facilitate implementation of the scheme.

The statutory auditors issued a qualified conclusion on the unaudited consolidated results for the quarter and six months ended September 30, 2026. They said outcomes of ongoing investigations and legal matters were uncertain and that they could not comment on their consequential financial impact for the six-month period.

What do the September 2026 results show about 63 moons?

For the six months ended September 30, 2026, 63 moons reported consolidated revenue from operations of Rs 289.49 crore, compared with Rs 50.75 crore in the corresponding 2025 period. Total expenses increased to Rs 469.53 crore from Rs 209.13 crore, while loss before tax from continuing operations widened to Rs 87.48 crore from Rs 39.22 crore.

Software services and information technology solutions generated six-month revenue of Rs 279.64 crore, against Rs 47.61 crore a year earlier. Its segment loss narrowed to Rs 31.43 crore from Rs 71.47 crore, whereas the other segment’s loss widened to Rs 63.07 crore from Rs 24.33 crore.

The results do not record a disclosed charge or recovery from the proposed Rs 1,950 crore scheme. Separately, final dividends approved for financial years 2014-15, 2016-17 to 2020-21 and 2022-23 to 2025-26, totalling Rs 102.29 crore, had not been distributed under a Bombay High Court interim restraint; the related civil suit was withdrawn with liberty for restoration under the scheme.

Conclusion

The court process described by 63 moons has moved the NSEL scheme from appellate challenges to implementation. The arrangement combines a Rs 1,950 crore payment, the proposed assignment of specified creditor claims and applications to remove property restraints, while the filing makes clear that the payment and claim assignment are not reported as completed.

The next development to watch is the company’s implementation action before courts and tribunals, including further orders on releases of assets and disposal of proceedings. Outcomes in the pending ED, CBI, SFIO and Ministry of Corporate Affairs matters also remain material unresolved issues because the auditors said their financial consequences could not be assessed as of September 30, 2026.