One Time Settlement payment default due to CoVID: SC grants relief

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....