Financial Technologies (India) Ltd (FTIL) has proposed a 3-member panel to negotiate a settlement between over 13,000 investors of the crisis-hit National Spot Exchange Ltd (NSEL), which is promoted by the company, and two dozen defaulting counterparties.
The proposal to set up a committee comprising a retired judge from the Supreme Court or High Court, a lawyer and a chartered accountant was made by the counsel of FTIL while the counsel for investor Modern India, which has filed a representative suit against FTIL and others, agreed to the proposal, lawyers present in court said.

Source - http://economictimes.indiatimes.com