Bank cannot withdraw One-Time Settlement offer after acceptance by borrower

Pawan Agrawal Vs Small Industries Development Bank of India (SIDBI) (Madhya Pradesh High Court) Madhya Pradesh High Court Held that respondent-bank (SIDBI) cannot withdraw from the offer of One-time Settlement which is already accepted by the petitioner/ borrower. Facts- The respondent-Bank had sanctioned credit facilities to M/s. Madhya Bharat Phosphate Private Limited and the petitioner being the Director of the said Company stood as guarantor for the Company and mortgaged his immovable property. Later, loan account of the company became NPA and CIRP was initiated before NCLT. Based on NCLT...