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The Kerala High Court has held that borrowers who breach the terms and conditions of the One Time Settlement Scheme, cannot be permitted to seek directions from the Court to compel the bank to honour its obligations under the OTS Scheme. If the borrower is not in a position to or unwilling to act in accordance with any of the …

Telangana High Court Quashes Tax Authority's Show Cause Notices To Assessee As Demand Was Settled Under State's One Time Settlement Scheme

The Telangana High Court recently quashed two show cause notices issued by the tax authority to a company, demanding tax which was already settled under the state government's One Time Settlement scheme, while noting that there was "no allegation of fraud" committed by the company in the notices. A division bench of Justice Sujoy Paul and Justice Namavarapu Rajeshwar Rao …

Settlement

The Supreme Court observed that a borrower cannot claim extension of time period under One Time Settlement Scheme as a matter of right.The bench of Justices MR Shah and Krishna Murari observed said that a High Court cannot invoke writ jurisdiction to extend the time period under the OTS scheme. The bench noticed that in a recent judgment Bijnor Urban …

Bank Can't Be Directed By Writ Of Mandamus To Grant 'One-Time Settlement' Benefit To Borrower : Supreme Court

No writ of mandamus can be issued by the High Court in exercise of powers under Article 226 of the Constitution of India, directing a financial institution/bank to positively grant the benefit of One Time Settlement Scheme to a borrower, the Supreme Court has held in a judgment delivered on Wednesday.The bench comprising Justices MR Shah and BV Nagarathna observed …