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The beleaguered National Spot Exchange Ltd (NSEL) has decided to invoke the default clause agreed upon with defaulters Mohan India Group and Vimla Devi Agrotech in the settlement agreement signed recently. NSEL is looking at legal options to liquidate securities of the companies.
"In an attempt to accelerate recovery, the NSEL has started the process of liquidation of the attached assets of the defaulting borrowers. The process was initiated as the defaulters had not paid in line with the schedule. Hence, to ensure the process did not reach a stalemate, the NSEL took the liquidation route," said an NSEL official. As a first step, the assets of Mohan India Group, one of the biggest defaulters, and Vimla will be liquidated, he added.
Mohan India Group (dues of Rs 922 crore) has agreed to a settlement of Rs 771 crore, but paid Rs 23.9 crore. According to the agreement, the group was to pay Rs 120 crore till January 30.
The NSEL has listed two properties of Mohan India, a Civil Lines bungalow on 13,000 square metres in Delhi and 900 acres in Bikaner, to be put on block. It has written to the income-tax department in Delhi to release Rs 59 crore from Mohan India in line with the Maharashtra Protection of Interest of Depositors court order dated January 8.
Vimla has paid Rs 800,000 against a total outstanding of Rs 14.02 crore, leaving a balance of Rs 13.94 crore. The NSEL will be liquidating the company's soya bean plant in Kota of Rs 14 crore. The NSEL is also mulling similar action against Swastik Overseas, with a total outstanding of Rs 95.33 crore. The Economic Offences Wing of the Mumbai police and an NSEL team have completed the confirming party agreement with five farmers having 90 acres in Modasa belonging to Swastik.
