SC refuses to interfere in 63 Moons case, asks HC to conclude hearing in Feb

The Supreme Court has declined to interfere with the Bombay High Court order of releasing the assets of 63 Moons Technologies (formerly Financial Technologies, or FTIL) attached under the Maharashtra Protection of Interest of Depositors (MPID) Act in the Rs 5,600-crore NSEL default case.

The apex court while hearing the matter also urged the Bombay High Court to conclude the final hearing of the matter within February itself.

The attachments of 63 Moons’ assets were done through notifications issued by the Maharashtra Government in April 2018 under the provisions of the MPID Act.

The attachment of its ODIN Software and the amounts accruing out of it was challenged by 63 Moons in the Bombay High Court.

As the Bombay High Court had ruled out the need for additional attachment of properties in the case and now the Supreme Court has declined to interfere in the matter, 63 Moons could now get access to ODIN Software and its receivables, which were put in a separate escrow account since September 2018.

The stock of 63 Moons Technologies gained 12.02 per cent on Wednesday on the BSE, closing at Rs 91.35.

The Supreme Court dismissed the special leave petitions (SLP) of the NSEL Investor Action Group (NIAG) and the Government of Maharashtra, declining to interfere with the Bombay HC order of releasing assets of 63 Moons.

The Bombay High Court had, on October 24, 2018, passed an interim order staying the attachment of 63 Moons’ assets, which included bank accounts and properties, under the MPID Act.

This order was challenged by the Maharashtra Government and the NIAG in the Supreme Court and the matter was heard on January 28. After hearing the arguments of both sides, the Supreme Court held that it wasn't inclined to interfere with the order of the Bombay High Court. The Supreme Court stated that since this is a matter of importance, it also requesting the Bombay High Court to conclude final hearing of the matter within the month of February itself.