Case against NSEL defaulter NK proteins, converted to commercial

Mumbai, 30 July 2021 Friday

Spot Exchange Limited has benefited from the Bombay High Court's conversion of a claim for recovery of Rs 937.89 crore owed by National Spot Exchange Limited to NK Proteins and others into a commercial suit. Strict procedural formalities can be adopted for speedy disposal of the case against the convict.

The court has sharply criticized the National Spot Exchange Limited (NSEL) 's biggest culprit in the country, NK Proteins Group, for opposing the conversion of a regular claim into a commercial claim.

The court ruling on the application filed by NSEL in September 2015 has paved the way for a hearing to be held on a priority basis as required by the Commercial Courts Act.

Significantly, the Commercial Carts Act contains comprehensive procedural rules. It provides a mechanism for fast tracking of the case. The law has strict time-related provisions that make attempts to delay a case extremely difficult and costly.