HC sets up panel on NSEL funds

MUMBAI: The Bombay high court has set up a committee of three, headed by retired Justice V C Daga, to determine money to be paid by alleged defaulters in the Rs 5,600-crore National Spot Exchange scam.

The committee will also zero in on the assets of various defaulters or third parties who had borrowed money from the exchange but are yet to pay to the lenders. This committee has a role similar to a commissioner as well as a receiver with a mandate to explore and negotiate mutual settlements, and receive funds from these settlements.

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