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The Bombay High Court has ruled against ARK Imports on its outstanding dues of ₹719.37 crore to the embattled National Spot Exchange.
The Ludhiana-based company is the second largest defaulter in the exchange, which shut trading in 2013.
NSEL is fighting a series of court cases to recover ₹5,600 crore from investors who traded on its platform.
The court ruling confirms the defaulters’ dues towards the exchange and enables NSEL to put the defaulter’s assets on the block to recover them with help of law enforcement officials.
Obtained judgementsThe verdict was passed by Justice SJ Kathawala on Tuesday after hearing representations made by NSEL.
With the latest order, the exchange has managed to obtain judgments against defaulters worth ₹1,233 crore including that of Yathuri Associates (₹264 crore), Aastha Minmet India (₹12 crore), Juggernaut Projects (₹145 crore) and Swastik Overseas Corporation (₹91 crore).
NSEL’s total secured recoveries through court orders stand at ₹4,288 crore.
Of this, the order of decree works out to ₹1,233 crore and ₹3,055 crore is through injuction against 17 defaulters.
Speedy recoveryAsking the stakeholders to join the exchange in its efforts to recover money from defaulters, Prakash Chaturvedi, Joint Managing Director, NSEL, said the exchange will be able to formulate a strategy to ensure speedy recovery from defaulters.
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