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