If you are not able to run SDK Manager in Android Studio like me then this is a known issue. There is a bug in find_java.bat command that was shipped with SDK tools 24.0.0, though this was fixed in version 24.0.1 still the issue persists.
I got below solution from this page: Android Known Issues: https://sites.google.com/a/android.com/tools/knownissues
If you are unable to launch the SDK Manager to update, download find_java.zip, and unzip it into the root of your Android SDK installation; it will replace the files tools\lib\find_java.bat, tools\lib\find_java32.exe and tools\lib\find_java64.exe with the versions from 24.0.1.
If you are using Android Studio 1.0.1, the IDE will prompt you to update to tools 24.0.1 which it will do inside the IDE, so that update should work without needing to call find_java.
If you are using ADT, you should be able to open the SDK Manager from within the IDE, which should work without find_java.
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