One Time Settlement

SC allows widow to settle loan
Case BriefsSupreme Court

“Though the demand raised by the Bank is legally sustainable, we find that compliance thereof would lead to extreme hardship for the appellant.”

Banks not bound to accept OTS
Case BriefsHigh Courts

“Such decision should be left to the commercial wisdom of the Bank whose amount is involved,and it is always to be presumed that Bank shall take a prudent decision whether to grant the benefit under the OTS scheme, having regard to the public interest involved.”

invalid debt assignment
Case BriefsTribunals/Commissions/Regulatory Bodies

“For maintaining an application for default of another Financial Creditor, the essential ingredients to be fulfilled by the Applicant is that the Applicant has to be a Financial Creditor on its own facts.”

NCLAT Almost Settles the Dust
Op EdsOP. ED.

by Rishit Vimadalal†

Cases ReportedSCC Weekly

Constitution of India — Arts. 14, 12, 266, 136 and 32 — State action in a matter arising from non-statutory contract: Scope

Delhi High Court
Case BriefsHigh Courts

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
Case BriefsTribunals/Commissions/Regulatory Bodies

    National Company Law Appellate Tribunal, Delhi: The Bench of Anant Bijay Singh, J., Judicial Member, and Shreesha Merla, Technical Member,

Case BriefsSupreme Court

“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.”

Business NewsNews

As per instructions of Reserve Bank of India, banks are required to have a loan recover policy, which may cover, inter alia, negotiated settlements