Supreme Court dismisses MMTC appeal against NSEL settlement scheme

The Supreme Court of India has dismissed an appeal by state-owned Metals and Minerals Trading Corporation of India (MMTC) regarding a settlement scheme for the National Spot Exchange Limited (NSEL). The ruling upholds a previous decision by the National Company Law Appellate Tribunal (NCLAT) to approve a one-time settlement (OTS) intended to resolve creditor claims arising from a 2013 payment default.

The settlement scheme, which was approved by the National Company Law Tribunal (NCLT) in November 2025, involves NSEL and its promoter, 63 moons technologies limited. The scheme aims to address dues for traders involving amounts aggregating nearly ₹4,300 crore. MMTC had challenged the arrangement, arguing it was “prejudicial to the public interest” and contrary to public policy.

The NCLAT had previously rejected MMTC’s challenge, noting that more than 90 per cent of creditors had approved the scheme. Additionally, the tribunal observed that regulatory bodies, including the Enforcement Directorate and the Economic Offences Wing, had expressed no objection to the arrangement. The Supreme Court bench, comprising Justices PS Narasimha and Alok Aradhe, dismissed the appeal on Tuesday.