SC Orders Status Quo In Plea Challenging Bombay HC Order Quashing Attachment Of 63 Moons Technologies’ Assets

The Supreme Court has asked to maintain status quo on a plea which had challenged a Bombay High Court order until the final hearing in the Special Leave Petition (SLP) filed by the Maharashtra government and others.

The plea had challenged the Bombay High Court order quashing attachment of assets of 63 Moons Technologies Limited under the Maharashtra Protection of Investors Deposits (MPID) Act.

Earlier, the Maharashtra government had filed a special leave petition asking for a stay on the Bombay High Court order, which the Supreme Court refused.

The next hearing in the matter is scheduled for November 27.

It may be recalled that the Bombay High Court had struck down the Maharashtra government's order to attach properties worth Rs 2,500 crore of 63 Moons Technologies (formerly Financial Technologies India or FTIL) in the Rs 5,600-crore payment default of 2013 at its then subsidiary, National Spot Exchange (NSEL). The verdict came as a major relief for 63 Moons Technologies.

The attachment was made by Mumbai city police's economic offences wing (EOW), which probed the case, on behalf of the State of Maharashtra.