Supreme Court Concludes Sterling Biotech Case with Rs 9,800 Crore Recovery

In a landmark decision, the Supreme Court concluded the prolonged Sterling Biotech case, marking a substantial recovery of Rs 9,800 crore. With secured lenders fully compensated, the Court ordered the cessation of all related proceedings, including those by the Enforcement Directorate and the CBI, ensuring a final settlement.

In a significant judicial development, the Supreme Court has effectively concluded the Sterling Biotech case, involving Nitin J. Sandesara and his associates, by securing a comprehensive recovery totaling approximately Rs 9,800 crore. This decision brings an end to prolonged litigation linked to a CBI FIR regarding dues of Rs 5,383 crore.

The Court observed that meticulous steps were taken to repay Rs 3,507 crore to lending banks, while Rs 1,192 crore was obtained through asset liquidation. Additionally, a substantial deposit of Rs 5,111.43 crore was realized, contributing significantly to the overall settlement. Observing the complete compensation of secured lenders, the Court determined there was no benefit in continuing further legal action.

As a result, all related proceedings, including those initiated by the Enforcement Directorate, the Serious Fraud Investigation Office, and the CBI, have been quashed. During recent hearings, the Bench, comprising Justices JK Maheshwari and Vijay Bishnoi, also addressed SEBI's involvement. Acknowledging the considerable recovery achieved, the Court insisted on an expeditious closure.

Senior Advocate Mukul Rohatgi, supported by Hemant Shah, represented the petitioners. The conclusion was formalized after the final balance of ₹45.70 lakh was deposited, ensuring complete adherence to the settlement terms. The Court's order signifies the resolution of a high-value financial dispute, underscoring the fulfillment of all financial commitments to the lenders and validating the comprehensive cessation of proceedings. (ANI)

(With inputs from agencies.)