Case Law Details
Aseem Gaind Vs Axis Bank (Punjab & Haryana High Court)
Admittedly, even according to the petitioner, his business has been closed since 2015. The reason for closure of the petitioner’s business is only indicated as ‘unavoidable and unforeseen circumstances’, and no particulars are forthcoming.
The illness of petitioner’s father is also admittedly during the period 2015-16.That cannot be given as a reason for non-compliance of the One Time Settlement (OTS), offered much later vide letter dt. 31.03.2018.
Even according to the decision in the case of Anu Bhalla and Another, the borrower cannot seek extension of time for making payment of the balance OTS amount, as a matter of right.
In our opinion, the extent of payments made by the petitioner during the period between 31.03.2018 to 30.09.2018 cannot be said to be substantial and the reasons offered for the delay in payment are not anything new but those which existed even prior thereto.
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