NSEL Wins Decree Against ARK Imports
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Transcript of NSEL Wins Decree Against ARK Imports
NSEL WINS DECREE AGAINST ARK
IMPORTS
ARK Imports Pvt Ltd’s, a Ludhiana-based wool trading and manufacturing fi rm
ARK Imports is managed by Kailash Agarwal & Anubhav Agarwal
ARK Imports is one of the major defaulters in NSEL Crisis.
ARK Imports were allegedly involved in swindling of NSEL monies
INTRO
ARK had a total payment obligation of Rs 719.50 crore
Of which the company paid a small sum
Considering interest on dues, the company owes NSEL Rs 719.20 crore as on July 27
OBLIGATION ON ARK IMPORTS
Kamal Agarwal Annubhav Agarwal
On July 20 th 2015, judge S J Kathawala of the Bombay High Court passed a decree on ARK
The decree for admission of amount Rs 719.37 crore
ARK Imports is asked to pay default amount at interest of 18% p.a. from date of default till date of payment
BOMBAY HC ORDERS
NSEL has also obtained injunctions to the tune of Rs 3,055.27 crore from 17 defaulters
So, decrees and injunctions worth Rs 4,288.29 crore have been awarded in favour of NSEL for recovery
“The only solution is that all victims should get together on a common mission of recovery rather than running vested interest agenda of someone against NSEL,” said Chaturvedi, Jt.Md NSEL
DECREES & INJUNCTIONS ON NSEL DEFAULTERS
This decree passed by the Bombay High Court is a major shot in the arms of NSEL’s recovery eff orts.
The NSEL has been relentlessly working to recover the amounts due from these defaulters.
The decree comes as a huge boost for NSEL, as it fixes responsibility for 13 per cent of the total loss to investors on ARK.
CONCLUSION
The amount to be recovered through the decree will be put in the NSEL escrow account
The total amount secured for recoveries stands at Rs 4,288.29 crore, out of which Rs 1,233.02 crore is by way of Decree on Admission and Rs 3,055.27 crore is through injunction from a total of 17 defaulters at present
NSEL want’s stakeholders to join the sustained battle against the real culprits.
With their cooperation, NSEL will be able to formulate a holistic strategy, and plan to eff ect speedy recovery from the defaulters