Nitin Sandesara repays ₹9,800 crore; Supreme Court closes all proceedings

In a rare NPA resolution, Nitin Sandesara settles dues at 180% of the original reference amount to ensure "complete quietus."

In a landmark development for India’s corporate legal landscape, the Supreme Court has formally closed all proceedings against businessman Nitin J. Sandesara after the total repayment of ₹9,800 crore to creditor banks. The move marks the end of a high-profile pursuit, concluding with a recovery that significantly exceeds the original claims made by financial institutions.

The Bench, comprising Justices J.K. Maheshwari and Vijay Bishnoi, moved to shut the files on cases spearheaded by the Central Bureau of Investigation (CBI), the Enforcement Directorate (ED), and the Serious Fraud Investigation Office (SFIO). The court’s decision follows the successful verification of payments that effectively made every secured lender whole.

Beyond the original debt

The closure of the matter is anchored in a repayment figure that has surprised market observers. While the original reference amount in the case stood at ₹5,383 crore, the final realization for the banking system reached ₹9,800 crore.

This represents nearly 180% of the initial alleged default. Unlike typical Non-Performing Asset (NPA) resolutions where lenders often accept "haircuts" ranging from 50 to 70 percent, this case resulted in banks receiving substantially more than the principal amount contested.

Breakdown of the recovery

According to court filings and compliance reports, the recovery was structured through multiple channels to ensure full transparency. A sum of ₹3,507 crore was paid directly to the consortium of lender banks through various tranches.

An additional ₹1,192 crore was realized through liquidation processes. The single largest component, amounting to ₹5,111 crore, was deposited directly with the Supreme Court registry, as confirmed in a compliance order dated December 17, 2025.

Supreme Court sets precedent

Legal experts tracking the case noted that the Supreme Court described the resolution as a "new and positive standard" for corporate dispute settlements in India. The finality of the order ensures a "complete quietus" to the litigation.

The court's insistence on total accountability was evident during the final stages of the hearing. On April 2, when the Securities and Exchange Board of India (SEBI) sought a ten-day window to finalize its regulatory obligations, the Bench restricted the extension to just seven days.

Closing the final gap

The discipline of the repayment process was highlighted by the precision of the final settlement. By April 10, 2026, the balance remaining was reported as just ₹45,70,522—a marginal figure compared to the thousands of crores already cleared.

This final amount was deposited via a demand draft on April 13, 2026. This meticulous follow-through to the last rupee was a critical factor in the court’s decision to quash all outstanding FIRs and investigative proceedings.

Impact on corporate India

This resolution is expected to have a significant impact on how large-scale corporate defaults are viewed. By choosing to meet the full weight of the financial obligation rather than seeking protracted legal exits, the case offers a template for constructive resolution.

The outcome provides a clean slate for Nitin Sandesara, as the highest judicial authority in the land has now declared the matter settled. For the Indian banking sector, it represents a rare instance where the recovery far outpaced the initial stress on the books.

Future of NPA settlements

As the Indian business world observes this development, the focus shifts to how other stressed assets might be handled. The Sandesara case proves that complex disputes can end with the satisfaction of all stakeholders, including regulators and the judiciary.

With the Supreme Court’s final seal of approval, this chapter in India’s corporate history concludes as a benchmark for accountability. This latest news today serves as a reminder of the potential for the legal system to facilitate total recovery for public interest and national and international news coverage of Indian enterprise.

Adani seeks dismissal of US SEC fraud case citing lack of jurisdiction

Billionaire Gautam Adani and nephew Sagar Adani move New York court; claim zero investor losses and no direct US link in $750 million bond deal.

NEW YORK – Billionaire Gautam Adani and his nephew Sagar Adani have moved a United States court seeking the dismissal of a securities fraud lawsuit filed by the Securities and Exchange Commission (SEC).

In a pre-motion letter submitted to the Eastern District Court of New York, the Adanis argued that the regulator’s claims are legally flawed and fall outside the court's jurisdiction.

The latest news today comes as a significant counter-offensive by the conglomerate against allegations that it misled investors during a 2021 bond issuance.

Jurisdictional overreach challenged

Attorneys representing the Adanis stated that the SEC is attempting an “impermissible extraterritorial application” of US law.

They argued that the court lacks personal jurisdiction as neither Gautam Adani nor Sagar Adani had sufficient contacts with the US regarding the transaction.

According to the filing, the issuer is an Indian entity, and the alleged conduct occurred entirely within India, making US laws inapplicable.

Bond sale outside US

The legal team clarified that the $750 million bond sale by Adani Green Energy Limited (AGEL) was conducted under specific exemptions.

These securities were sold to non-US underwriters under Rule 144A and Regulation S, intended for markets outside the United States.

While some notes were later resold to qualified institutional buyers in the US, the Adanis maintain they were not parties to those secondary transactions.

No investor losses reported

A key pillar of the dismissal plea is the assertion that no investors suffered financial harm.

The Adani Group informed the court that the bonds in question matured in 2024 and were fully repaid with interest.

"The SEC does not allege that there were any investor losses, and there were none," the filing noted, highlighting the fulfillment of all financial obligations.

Refuting bribery allegations

The SEC’s lawsuit, filed in November 2024, alleged that the group failed to disclose a purported bribery scheme involving Indian officials.

The Adanis have vehemently denied these claims, stating there is no credible evidence to support the existence of such a scheme.

They further argued that the statements cited by the SEC—related to corporate reputation—amount to general corporate optimism or "puffery" rather than actionable fraud.

Legal strategy ahead

The defense highlighted that Gautam Adani did not attend any Management Committee meetings for AGEL between 2020 and 2024.

They argued the SEC failed to link him to specific misleading statements or prove any intent to defraud US-based investors.

The court has since accepted the request for a pre-motion conference, signaling a formal commencement of the dismissal proceedings.

April hearing expected

The legal battle is set for a major milestone on 30 April, when a detailed motion for dismissal will be formally presented.

Market analysts are closely watching this India news update, as the outcome could impact the group's global fundraising capabilities.

For now, the Adani Group remains firm that the US regulator has no standing to pursue a case rooted entirely in Indian operations.