The banks have rejected the one-time settlement scheme that was proposed by debt-ridden Jaiprakash Associates Limited to resolve its financial issues. The development came during a hearing before the National Company Law Appellate Tribunal, which is adjudicating a challenge to the insolvency proceedings ordered by the National Company Law Tribunal During the hearing on Wednesday, counsel for the respondent banks …
The Madhya Pradesh High Court recently held that a Bank cannot backout from implementing the One Time Settlement offer it had proposed, after it was accepted by the borrower. Calling such an action by the Bank as arbitrary and unreasonable, Justice Sanjay Dwivedi observed- In the case at hand, the petitioner being a guarantor had mortgaged his personal property and …
