NSEL case – Sessions Court hires Knight Frank as consultant

Sessions Court hires Knight Frank as consultant

In order To facilitate realization of maximum amount of the properties of defaulters in National Spot Exchange Ltd. (NSEL) scam subject to liquidation, D P Surana, special judge of MPID (Maharashtra Protection of Interest of Depositors) Act Court and additional sessions judge of City Civil & Sessions Court, Mumbai has appointed Knight Frank India to serve as property consultants. Knight Frank India as a global private broker will bring in buyers to speeden up the liquidation process.

This order by the Sessions Court is significant as it would not only expedite liquidation of NSEL defaulters’ properties but also pay dues of the trading clients (investors). Due to its global reach, Knight Frank is expected to rope in individual and corporate clients with high bid amounts.

NSEL had made an attempt in 2014 and finalised two global consultants — Knight Frank and Colliers International — to identify competent buyers for disposal of immovable properties of Mohan India, the largest borrower defaulter. Mohan India had then agreed to empower the ‘competent authority’ to liquidate their immovable assets to recover their dues. Ajit Sakhare, deputy collector, government of Maharashtra, is the competent authority appointed by the Bombay High Court for the NSEL case.

In the meanwhile, the court has ordered the ‘competent authority’ to pay brokerages along with applicable taxes to Knight Frank within 30 days if its bids are approved with the highest quotes.