Lotus Refineries files Rs 2,773 cr suit in HC against NSEL

Lotus Refineries today filed a claim suit worth Rs 2,773.29 crore against National Spot Exchange Limited (NSEL) in the Bombay High Court for goods lying in various warehouses of the troubled commodity exchange.

"The claim amount has been arrived at based on pending goods to be delivered to Lotus Refineries by NSEL, worth Rs 2,640.79 crore with interest thereon at the rate of 18 percent per annum from the date hereof till payments and/or realisation," a company statement said here.
The firm has also sought an appointment of a court receiver to oversee inspection of goods/commodities in NSEL's possession pending the hearing and final disposal of the suit, the release said.
Lotus Refineries, in its prayer to the court, has also requested that the defendant NSEL be restrained by a permanent order of injunction from disposing of its assets or dealing with the same in any manner whatsoever. The suit has also sought an order from the court directing NSEL to withdraw the notice/circular dated August 22, 2013 declaring Lotus Refineries as defaulter and restrain them from taking any actions pursuant thereto. NSEL officials were not available for comment.