Supreme Court Rejects MMTC Appeal Against National Spot Exchange Settlement Scheme

The Supreme Court dismissed MMTC Limited's appeal against approval of a ₹1,950 crore scheme addressing claims from the 2013 National Spot Exchange payment default.

Background and legal issue

The NCLT approved the scheme in November 2025 and the NCLAT refused to interfere in March 2026. MMTC argued that the arrangement prejudiced public interest and policy, despite overwhelming creditor support.

Court's reasoning and legal position

Justices P S Narasimha and Alok Aradhe declined to disturb the appellate tribunal's decision. Earlier challenges to the same arrangement had also failed, and the NCLAT had considered the implications of those judgments.

Operative effect and next step

The dismissal leaves the approved settlement scheme in place. Implementation and distribution remain subject to the scheme's terms and competent authorities.