The NSEL Investors Forum (NIF) is seeking the support of Maharashtra Chief Minister Devendra Fadnavis for a proposed ₹1,950 crore one-time settlement between investors and the National Spot Exchange Ltd (NSEL). The forum has written a letter to the Chief Minister, urging the state government to avoid any actions that could potentially hinder the settlement process currently under review by the National Company Law Tribunal (NCLT). The NCLT is scheduled to conduct a final hearing on July 11.

This settlement aims to provide relief to thousands of traders whose funds have been locked since the NSEL payment crisis in July 2013. The NIF, in its letter dated June 19, 2025, emphasized the importance of preventing any adverse actions from the state government that could derail the settlement. They specifically noted that "any dissent or negative response from the State/Competent Authority/ EOW in the NCLT might derail or delay the settlement process". The forum contends that such opposition could be perceived as being against the welfare and interests of the investors.

The proposed settlement scheme has been formally submitted to the NCLT in Mumbai under the Companies Act, marking a significant stride towards resolution for the affected traders. The settlement plan entails distributing a total of ₹1,950 crore among 5,682 traders, proportionally to their outstanding dues as of July 31, 2024. NSEL, with the backing of its parent company, 63 moons technologies, filed the Scheme of Settlement before the NCLT to facilitate this amicable resolution for the affected traders. The proposal itself originated from the NSEL Investors Forum (NIF), which represents a significant portion of the impacted trading community.

After nearly 12 years of pursuing various recovery mechanisms, a consensus has been reached between NSEL and its investors. According to the forum, while recovery under the Insolvency and Bankruptcy Code (IBC) has only been between 10-20%, the one-time settlement offers a recovery rate of about 48%. In February, NSEL and the investors jointly filed a formal application with the NCLT, which then ordered a postal ballot on the proposal. The report from the scrutinizer appointed by the NCLT confirmed that 92.81% of investors, representing 91.35% in value, voted in favor of the One Time Settlement. The forum is urging the Chief Minister to direct the relevant state authorities to avoid any hasty negative steps that might derail or delay the proposal at the NCLT. The forum believes that this one-time settlement would enable the remaining investors to receive their funds within a finite period, thus bringing a long-awaited resolution to the matter.