Bank having accepted the offer of the petitioner at every step, could not have wriggled out by cancelling OTS at the climax and further could not have retained the entire amount – M/s. Rima Transformers and Conductors Pvt. Ltd. Vs. Canara Bank – Karnataka High Court
In State Bank of India Vs. Arvindra Electronics Pvt. Ltd. (2022) ibclaw.in 125 SC, the Apex Court holds that Courts exercising jurisdiction under Article 226 of the Constitution cannot direct extension of OTS. Hon’ble High Court held that but, the facts obtaining in the case at hand are entirely different. The petitioner’s offer of OTS was accepted by the Bank with certain conditions. The petitioner accepts the terms and conditions. Before the deadline fixed by the Bank as 28-02-2021 for compliance of OTS conditions, the petitioner had deposited Rs.18.90 crores. and the Bank later unilaterally withdraws OTS. It is in these facts the judgment of the Apex Court would not become applicable.
