2023 SCC Vol. 2 Part 4
Constitution of India — Arts. 14, 12, 266, 136 and 32 — State action in a matter arising from non-statutory contract: Scope
One Time Settlement
Writ petition under Article 226 of the Constitution cannot be filed for seeking alteration in contract: Delhi High Court
The Delhi High Court held that a borrower cannot ask for alteration of contract by way of a writ petition and a contract can only be altered through mutual consent between the parties.
NCLAT | Can the OTS proposal be an ‘acknowledgment of debt’ under S. 18 of the Limitation Act, 1963?
National Company Law Appellate Tribunal, Delhi: The Bench of Anant Bijay Singh, J., Judicial Member, and Shreesha Merla, Technical Member,
No borrower can claim benefit of One Time Settlement Scheme as a right; Can’t encourage dishonest borrowers: SC
“If it is held that the borrower can still, as a matter of right, pray for benefit under the OTS Scheme, in that case, it would be giving a premium to a dishonest borrower.”
One Time Settlement of NPAs
As per instructions of Reserve Bank of India, banks are required to have a loan recover policy, which may cover, inter alia, negotiated settlements