Case Law Details
Ganga Foundations Pvt. Ltd. Vs The State Bank of India (Supreme Court of India)
The petitioner had availed loan from the State Bank of India. Since, there was default in repayment of the loan, the petitioner entered into a One Time Settlement under the OTS Scheme with the bank in November, 2020. The petitioner, out of the installments due to be paid under the OTS Scheme, paid approximately 25% of the amount but, thereafter defaulted in payment of the said amount.
Learned counsel for the petitioner states that the default was on account of Covid pandemic as the business was not doing very well. The Writ Petition filed by the petitioner was dismissed and hence these special leave petitions.
On instructions, learned counsel for the petitioner has made a statement that the entire amount due, as per the OTS Scheme, would be deposited by the petitioner with the Bank by the 14th of this month. The petitioner further undertakes to pay 12% interest on the defaulted OTS amount from the respective due dates, within five days thereafter. The respondent-bank shall furnish the amount of interest due to be paid by the petitioner at the rate of 12% per cent from the date the amount became due till 14th March, 2022, within three days from today. The proof of payment of the said amounts shall be filed by the petitioner by the next date of hearing.
It is understood that in case there is default in payment of either of the two amounts, as indicated above, these petitions shall be dismissed.
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