Commodities

Court appoints receiver to inspect goods at NSEL warehouse

Our Bureau Mumbai | Updated on March 12, 2018

The Bombay High Court has appointed a receiver to inspect the goods lying at the warehouses managed by NSEL and submit a report within two weeks from the date of hearing.

Hearing a writ petition filed by Lotus Refineries, which was declared as defaulter by the exchange, the court directed NSEL to maintain status quo as regards the goods which are the subject matter of the dispute.

The next date of hearing is October 18.

NSEL has reserved its right to refer the dispute with Lotus for arbitration. Incidentally, NSEL had rejected Lotus offer for conciliation proceedings in August.

The notice of motion seeking interim relief in the suit filed by Lotus Refineries against National Spot Exchange came up for hearing before Justice S.J. Kathawalla at the Bombay High Court.

Lotus Refineries has claimed that it has to receive goods worth Rs 2,773 crore purchased from the exchange which suspended trading from August 1.

The suit has also sought an order from the court directing NSEL to withdraw the notice declaring Lotus Refineries as defaulter and restrain the exchange from taking any action against it.

suresh.iyengar@thehindu.co.in

Published on October 03, 2013

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