{"id":7458,"date":"2026-03-24T04:25:00","date_gmt":"2026-03-23T22:55:00","guid":{"rendered":"https:\/\/lawfultalks3.selfst.art\/a%c2%b92983-cr-wiped-out-for-a%c2%b926-cr-sc-explodes-over-shocking-adag-deal\/"},"modified":"2026-07-21T17:48:11","modified_gmt":"2026-07-21T12:18:11","slug":"a%c2%b92983-cr-wiped-out-for-a%c2%b926-cr-sc-explodes-over-shocking-adag-deal","status":"publish","type":"post","link":"https:\/\/lawfultalks3.selfst.art\/?p=7458","title":{"rendered":"\u201c\u00e2\u201a\u00b92,983 Cr Wiped Out for \u00e2\u201a\u00b926 Cr? SC Explodes Over Shocking ADAG Deal\u201d"},"content":{"rendered":"\n<p dir=\"ltr\"><span style=\"font-size:14pt\"><span style=\"font-family:Georgia,serif\">The Supreme Court said it was shocked after seeing an Enforcement Directorate report, which revealed that loans worth \u00e2\u201a\u00b92,983 crore taken by companies of the Anil Dhirubhai Ambani Group (ADAG) were settled in insolvency proceedings for just \u00e2\u201a\u00b926 crore. This was allegedly done through a plan called &ldquo;Project Help&rdquo; involving eight Non-Banking Finance Companies.<\/span><\/span><\/p>\n \n \n \n <p dir=\"ltr\" style=\"text-align:center\"><span style=\"font-size:14pt\"><span style=\"font-family:Georgia,serif\"><\/span><\/span><\/p>\n \n \n \n <p dir=\"ltr\"><span style=\"font-size:14pt\"><span style=\"font-family:Georgia,serif\">A bench led by CJI Surya Kant, Justice Joymalya Bagchi, and Justice Vipul Pancholi was hearing a petition by EAS Sarma. The petition asked for an investigation into an alleged \u00e2\u201a\u00b940,000 crore loan fraud involving ADAG companies.<\/span><\/span><\/p>\n \n \n \n <p dir=\"ltr\"><span style=\"font-size:14pt\"><span style=\"font-family:Georgia,serif\"><strong>Court Pushes Probe Speed:<\/strong><\/span><\/span><\/p>\n \n \n \n <p dir=\"ltr\"><span style=\"font-size:14pt\"><span style=\"font-family:Georgia,serif\">The court had earlier criticized the &#39;sluggish&rsquo; response of the agencies and had urged the ED and CBI to speed up their investigations. Solicitor General Tushar Mehta told the bench that a Special Investigation Team (SIT) of ED officers has now been formed and the investigation is ongoing. He also said it will be completed in four weeks. The Court stressed that the probe must be fair, unbiased, and done on time.<\/span><\/span><\/p>\n \n \n \n <p dir=\"ltr\"><span style=\"font-size:14pt\"><span style=\"font-family:Georgia,serif\">The order explained the structure of the SIT. It includes an Additional Director, two Deputy Directors, four Assistant Directors\/Investigating Officers from the ED, along with forensic experts and two staff members from Bank of Baroda. Investigations have been started in eight cases.<\/span><\/span><\/p>\n \n \n \n <p dir=\"ltr\"><span style=\"font-size:14pt\"><span style=\"font-family:Georgia,serif\"><strong>Project Help Findings:<\/strong><\/span><\/span><\/p>\n \n \n \n <p dir=\"ltr\"><span style=\"font-size:14pt\"><span style=\"font-family:Georgia,serif\">&ldquo;It is pointed out that investigations\/enquiries into 8 cases have commenced and some documents have been seized. It is not necessary for us to refer to the nature of documents said to have been seized. There is a reference to PROJECT HELP, which is said to have revealed how insolvency petitions were deliberately initiated through unrelated lenders. According to the report, all funding by IBC acquisitions were arranged through a group of 8 NBFCs. On illustrative basis, it is pointed out that claims approx. Rs.2983 crores were extinguished for a total settlement of Rs.26 crores&rdquo;, the order observed.<\/span><\/span><\/p>\n \n \n \n <p dir=\"ltr\"><span style=\"font-size:14pt\"><span style=\"font-family:Georgia,serif\">The CBI said in its affidavit that seven investigations are ongoing, including scrutiny of public servants&#39; roles. <\/span><\/span><\/p>\n \n \n \n <p dir=\"ltr\"><span style=\"font-size:14pt\"><span style=\"font-family:Georgia,serif\"><strong>Court&rsquo;s Direction to Agencies:<\/strong><\/span><\/span><\/p>\n \n \n \n <p dir=\"ltr\"><span style=\"font-size:14pt\"><span style=\"font-family:Georgia,serif\">In this context, the bench said: <\/span><\/span><\/p>\n \n \n \n <p dir=\"ltr\"><span style=\"font-size:14pt\"><span style=\"font-family:Georgia,serif\">&quot;This is a case where senior functionaries of the investigating agencies must join hands and make vigorous attempts to unearth the irregularities\/illegalities or the connivance of public functionaries, specially the financial institutions, if any, in giving undue benefit to the [&#8230;]. <\/span><\/span><\/p>\n \n \n \n <p dir=\"ltr\"><span style=\"font-size:14pt\"><span style=\"font-family:Georgia,serif\">While we do not express any opinion on the merits of the allegations, all that we wish to observe is that it is imperative upon the CBI and the ED to complete the investigation in a most dispassionate, fair, transparent and independent manner and take the ongoing investigations to logical conclusion in a timebound manner.&quot;<\/span><\/span><\/p>\n \n \n \n <p dir=\"ltr\"><span style=\"font-size:14pt\"><span style=\"font-family:Georgia,serif\">It further added: &quot;Learned SG assures that no stone shall be left unturned to unearth the truth and that endeavor shall be made to complete investigation in 4 weeks&quot;.<\/span><\/span><\/p>\n \n \n \n <p dir=\"ltr\"><span style=\"font-size:14pt\"><span style=\"font-family:Georgia,serif\"><strong>Cooperation Warning:<\/strong><\/span><\/span><\/p>\n \n \n \n <p dir=\"ltr\"><span style=\"font-size:14pt\"><span style=\"font-family:Georgia,serif\">The Court mandated that banks and agencies must fully cooperate in the investigation. It also warned that any delay or foot-dragging by the ED must be reported back to the court. <\/span><\/span><\/p>\n \n \n \n <p dir=\"ltr\"><span style=\"font-size:14pt\"><span style=\"font-family:Georgia,serif\"><strong>Ambani Seeks Talks<\/strong><\/span><\/span><\/p>\n \n \n \n <p dir=\"ltr\"><span style=\"font-size:14pt\"><span style=\"font-family:Georgia,serif\">Senior Advocate Mukul Rohtagi, appearing for Anil Ambani, asked for talks with banks to resolve the issue. He said banks are hesitant because of the case. CJI Surya Kant responded:<\/span><\/span><\/p>\n \n \n \n <p dir=\"ltr\"><span style=\"font-size:14pt\"><span style=\"font-family:Georgia,serif\">&ldquo;We have not stopped anyone. And Banks will open&hellip;they will happily enter into&hellip;because that&rsquo;s another way for them to wriggle out of the consequences. If any.&rdquo;<\/span><\/span><\/p>\n \n \n \n <p dir=\"ltr\"><span style=\"font-size:14pt\"><span style=\"font-family:Georgia,serif\">Solicitor General Tushar Mehta said that the CBI has appointed three transaction auditors and has attached assets worth \u00e2\u201a\u00b915,000 crores.<\/span><\/span><\/p>\n \n \n \n <p dir=\"ltr\"><span style=\"font-size:14pt\"><span style=\"font-family:Georgia,serif\"><strong>Debate Over Arrests:<\/strong><\/span><\/span><\/p>\n \n \n \n <p dir=\"ltr\"><span style=\"font-size:14pt\"><span style=\"font-family:Georgia,serif\">Advocate Prashant Bhushan asked why key arrests have not been made. He referred to a SEBI report that allegedly showed a fraud scheme by Ambani and RHFL executives to divert public funds as loans, and said that no major arrests have happened yet.<\/span><\/span><\/p>\n \n \n \n <p dir=\"ltr\"><span style=\"font-size:14pt\"><span style=\"font-family:Georgia,serif\">Mehta replied that four arrests have been made, saying:<\/span><\/span><\/p>\n \n \n \n <p dir=\"ltr\"><span style=\"font-size:14pt\"><span style=\"font-family:Georgia,serif\">&ldquo;We cannot arrest randomly. it has to go investigation-wise&rdquo;<\/span><\/span><\/p>\n \n \n \n <p dir=\"ltr\"><span style=\"font-size:14pt\"><span style=\"font-family:Georgia,serif\">Bhushan responded that those arrested were only minor players.<\/span><\/span><\/p>\n \n \n \n <p dir=\"ltr\"><span style=\"font-size:14pt\"><span style=\"font-family:Georgia,serif\"><strong>Court on Arrest Powers:<\/strong><\/span><\/span><\/p>\n \n \n \n <p dir=\"ltr\"><span style=\"font-size:14pt\"><span style=\"font-family:Georgia,serif\">The CJI clarified:<\/span><\/span><\/p>\n \n \n \n <p dir=\"ltr\"><span style=\"font-size:14pt\"><span style=\"font-family:Georgia,serif\">&ldquo;we may not say who should and should not be arrested&rdquo;<\/span><\/span><\/p>\n \n \n \n <p dir=\"ltr\"><span style=\"font-size:14pt\"><span style=\"font-family:Georgia,serif\">He also criticized the earlier delay by the agencies, saying:<\/span><\/span><\/p>\n \n \n \n <p dir=\"ltr\"><span style=\"font-size:14pt\"><span style=\"font-family:Georgia,serif\">&ldquo;The way investigating agencies have shown reluctance, that&rsquo;s not acceptable. They should come out in a fair, transparent and timebound manner that this is what we have concluded after investigation. Investigation must inspire confidence &#8211; not only of the court but of all stakeholders&rdquo;.<\/span><\/span><\/p>\n \n \n \n <hr \/>\n \n <p dir=\"ltr\"><span style=\"font-size:14pt\"><span style=\"font-family:Georgia,serif\">Case Details: EAS Sarma v. Union of India and others | W.P.(C) No. 1217\/2025<\/span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Supreme Court said it was shocked after seeing an Enforcement Directorate report, which revealed that loans worth \u00e2\u201a\u00b92,983 crore taken by companies of the Anil Dhirubhai Ambani Group (ADAG) were settled in insolvency proceedings for just \u00e2\u201a\u00b926 crore. This was allegedly done through a plan called &ldquo;Project Help&rdquo; involving eight Non-Banking Finance Companies. A [&hellip;]<\/p>\n","protected":false},"author":97,"featured_media":4745,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[9],"tags":[],"class_list":["post-7458","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-supreme-court"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.5 (Yoast SEO v28.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>\u201c\u00e2\u201a\u00b92,983 Cr Wiped Out for \u00e2\u201a\u00b926 Cr? SC Explodes Over Shocking ADAG Deal\u201d - Lawful Talks<\/title>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"\u201c\u00e2\u201a\u00b92,983 Cr Wiped Out for \u00e2\u201a\u00b926 Cr? SC Explodes Over Shocking ADAG Deal\u201d\" \/>\n<meta property=\"og:description\" content=\"The Supreme Court said it was shocked after seeing an Enforcement Directorate report, which revealed that loans worth \u00e2\u201a\u00b92,983 crore taken by companies of the Anil Dhirubhai Ambani Group (ADAG) were settled in insolvency proceedings for just \u00e2\u201a\u00b926 crore. This was allegedly done through a plan called &ldquo;Project Help&rdquo; involving eight Non-Banking Finance Companies. 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