Delhi Court Dismisses Charges Against Sandesara Brothers After ₹5,111 Crore Payment
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A Delhi court has quashed all cases against the Sandesara brothers, Chetan Jayantilal and Nitin, after they deposited ₹5,111 crore as a full and final settlement. The payment was made in compliance with the Supreme Court's order, which had given the brothers six days to meet the demand. The cases were initiated by the Central Bureau of Investigation (CBI), Enforcement Directorate (ED), and other agencies in 2017. The payment included ₹5,100 crore to meet the demands of banks under a one-time settlement, following a proposal accepted by the Supreme Court. The court had directed the brothers to deposit the amount in tranches, which would be kept in a short-term interest-bearing fixed deposit and distributed among lender banks. The total one-time settlement value stood at ₹6,761 crore, with the Sandesaras depositing around ₹3,507.63 crore under various heads. Parallel insolvency proceedings had resulted in recoveries of about ₹1,192 crore for banks, leaving a remaining due of roughly ₹2,061 crore. The Supreme Court agreed to quash the proceedings after the payment was made, and the Delhi court has now closed all cases against the brothers. The bail bonds and surety bonds furnished by the accused persons have been discharged.
