NSEL case: Defaulter agrees to pay Rs 42.7cr

The troubled National Spot Exchange Ltd (NSEL), facing a payment crisis of Rs 5,600 crore, said today one of its defaulters P D Agroprocessors has agreed to pay Rs 42.77 crore in eight instalments.

The erstwhile CFO of P D Agroprocessors (PD Agro), Ranjeev Aggarwal, who is currently Director of Primezone Developers Pvt Ltd (Primezone) has offered to pay Rs 42.77 crore directly to the NSEL, a statement issued here said.

This amount was jointly invested by PD Agro, Mohan India and Swastik Overseas in a project being developed by Primezone in Karnal, Haryana.

Of the amount indirectly invested in Primezone's project, PD Agro's contribution was Rs 31.10 crore, while that of Mohan India was Rs 10 crore.

Swastik Overseas invested an amount of Rs 1.67 crore in the project. Primezone has agreed to pay NSEL Rs 42.77 crore in eight installments, through cheques as per the schedule agreed upon.

The first payment of Rs 1 crore, as per the schedule, was received today, the release said. PD Agro, the third largest borrower of NSEL which traded on the exchange on behalf of Dunar Foods Ltd, Dulisons Cereals and Dulisons Foods, has a payment obligation of Rs 637.49 crore, of which it has managed to pay only Rs 7.06 crore of the outstanding amount so far.

The NSEL, promoted by the Jignesh Shah-headed Financial Technologies India Ltd (FTIL), was engulfed in a crisis after trading on the platform was suspended on July 31, raising concerns about possible default of Rs 5,600 crore.

NSEL's decision to suspend trading followed a Consumer Affairs Ministry directive asking the bourse not to launch any new contracts till further order as it found violations of government norms in trading at NSEL.

With yesterday's pay-out, NSEL has so far settled about Rs 253 crore against about Rs 5,600 crore dues to 13,000 investors.