High Court Extends One Time Settlement Time Period allowed by Bank

Amrik Singh Vs DCB Bank Ltd. (Punjab and Haryana High Court) Admittedly vide Annexure P-5 dt. 25.07.2020, the respondents had sanctioned an OTS for a total amount of `85 lakh to the petitioner as per the OTS Policy framed by them. Under the terms of the said sanction, petitioner was to pay `25 lakh by 31.07.2020, `20 lakh by 30.08.2020 and `40 lakh by 30.09.2020. No doubt it contains a clause that in case of default in compliance with the above payment schedule, the settlement offer shall stand cancelled and the Bank reserves the right to re-debit petitioner’s account with all waivers and in...