Extension of time to borrowers for making payment of balance amount under sanctioned beyond time granted under One time settlement scheme - Justifiability - Held, rescheduling payment under One time settlement scheme and granting extension of time tantamount to rewriting contract, which was impermissible while exercising powers under Article 226 - Modification of contract cab be done only by mutual consent under Section 62 of Contract Act - Further, under original One time settlement Scheme, sanctioned in year 2017, borrower was getting a substantial relief of approximately Rs. 3 crores - Sanctioned letter specifically shows that entire payment was to be made by 21.05.2018, otherwise One time settlement would be rendered infructuous - Therefore, High Court erred in granting extension of time to borrowers under One time settlement scheme quashed and set aside
Category: Banking Law
Extension of OTS- extension of time can be granted for completion of the payment under the One Time Settlement (OTS)
Extension of OTS- extension of time can be granted for completion of the payment under the One Time Settlement (OTS) nsion of time for completion of the payment under the One Time Settlement (OTS)
Redemption of Property: Release of property to borrower: SARFAESI
Redemption of Property: Release of property to borrower: SARFAESI: Constitution of India, 1950 Article 226 Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 Section 13 (8) Redemption…