Can Banks Withdraw One-Time Settlement Offer? Delhi HC Weighs In
The PSB withdrew the OTS on August 1, 2023, citing several deviations and non-compliance with the terms that were laid down.
Source : Canva
The matter came up in Delhi High Court after Ambience moved a petition against the Punjab And Sind Bank (PSB) over a loan of Rs 155 crore
The Delhi High Court in a recent verdict ruled in favour of Ambience Private Limited, and held that a public sector bank cannot arbitrarily withdraw a sanctioned one-time settlement (OTS) after receiving full payment as per the agreed terms. The matter went to court after Ambience moved a petition against the Punjab And Sind Bank (PSB) over a loan of Rs 155 crore granted by the public sector bank on March 14, 2013, for one of its real estate projects in Noida. The loan account was classified as
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