NSE Clearing Limited Saturday said a Supreme Court order has stayed payment obligation under option contract in a matter related to IL&FS Securities Services.
“The Supreme Court in the matter of ILFS Securities Services Limited Vs SEBI & others, has passed an order dated June 26, 2019 wherein payment obligation under the option contract (NIFTY CE 5000 27-JUN-2019) has been stayed,” NSE Clearing said in a release.
The clearing and settlement mechanism of the clearing corporation is robust and the obligations in all other contracts have been duly settled in the normal course on the appointed settlement date, it added.
Also, the National Company Law Appellate Tribunal (NCLAT) had allowed the banks to declare as non-performing assets the accounts of IL&FS and its group companies that have defaulted on payments.