A Supreme Court bench of Justices J.K. Maheshwari and Vijay Bishnoi presided over final proceedings on April 2, 2026, directing the Securities and Exchange Board of India (SEBI) to expedite its response in the long-running Sterling Biotech case. The resolution, tied to industrialist Nitin J. Sandesara and his group, has led to the recovery of approximately $1.18 billion, one of the largest in Indian corporate history. This sum includes $422 million transferred directly by the Sandesara group to a consortium of lender banks and $144 million realised through liquidation, with earlier court filings citing a total alleged amount of $648 million in the Central Bureau of Investigation's First Information Report. By December 17, 2025, a compliance order recorded $616 million in deposits, and the remaining obligations were fulfilled by April 13, 2026, including a final payment of ₹45,70,522 via demand draft. The Supreme Court declared the matter closed, ending litigation and directing the closure of parallel proceedings by the CBI, Enforcement Directorate, and Serious Fraud Investigation Office. SEBI was given seven days to finalise its position after requesting a 10-day extension. The settlement has been described as beneficial to both banks and the government, marking a rare resolution in a high-profile financial dispute.
Nitin J. Sandesara's group repaid $422 million while $144 million came from liquidation, yet the original CBI FIR cited $648 million as allegedly involved — raising questions about the disposition of the remaining sum. The final payment of ₹45,70,522 suggests meticulous closure, but the gap between alleged and recovered amounts remains unexplained. No named individual or institution has accounted for how much of the $648 million was actually recovered versus written off. This leaves a factual void around the ultimate financial accountability of the case.
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