HCC Meeting Held On 17 October 2015 To Hear NSEL Matter
HCC Meeting High Court Committee (HCC) formed by the Bombay High Court to hear the National Spot Exchange Limited (NSEL) matters On 17 th October 2015 matter of NSEL Defaulter LOIL Group was heard during the meeting Key officials from NSEL including Mr. Prakash Chaturvedi were present during the meeting
NSEL Defaulter – LOIL Group Proceedings was started by Mr. Kevic Setalvad who appeared on behalf of LOIL group He referred to the 6th October, 2015 order of Bombay High Court He stated that LOIL group is appearing before the HCC subject to their appeal on order HCC suggested that they should first address the HCC on the coercive steps He proceeded further with his arguments referring to their three Suits filed in the Fatehgarh Court He also referred to the no coercive order passed by Fatehgarh Saheb Court dated 4th January, 2014
HCC’s order for LOIL Group Mr. Birendra Saraf who appeared on behalf of NSEL objected that Mr. Setalvad is arguing on the merits of matter rather than arguing on coercive steps as directed by HCC Mr. Setalvad further argued that LOIL is entitled to rendition of accounts before Fatehgarh Saheb Court HCC stated that until the accounts are submitted HCC will not be in a position to facilitate any mutual settlement between the parties Mr. Setalwad then submitted that since the suit for rendition of accounts is pending before Fatehgarh Saheb Court only that court has the power to call for documents & adjudicate on the same
Conclusion HCC observed that LOIL group had the option of not filing their documents & to refuse for any mutual settlement Hence, in this scenario HCC will have to make a recommendation to Bombay High Court that LOIL group is not ready to submit the documents Therefore the liability will have to be determined on the basis of the documents as submitted by NSEL Matter is adjourned to 30th November 2015
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