Lawstreet Journal

Telangana High Court Orders SBI to Extend Deadline under OTS by 90 Days [Read Order]

Lawstreet Journal 9 Jul 2020 6:11pm

Image courtesy: Lawstreet Journal Judiciary Telangana High Court Orders SBI to Extend Deadline under OTS by 90 Days [Read Order]

In an order dated 2nd July, 2020, the Telangana High Court granted relief to M/s. Yadadri Life Sciences Pvt. Ltd. when it directed the State Bank of India to extend the deadline under its One-Time Settlement (OTS) scheme by 90 days. The matter was heard by a division bench of Justice A. Rajshekhar Reddy and Justice K. Lakshman, JJ. The petitioner sought a writ of Mandamus, declaring the respondent Bank’s action of not considering the petitioner’s request for providing it with an extended period of 90 days for the payment of OTS amount, as illegal and arbitrary. It complained that the Bank did not take into consideration the difficulties faced during the prevailing pandemic (M/s. Sri Yadadri Lifesciences P Ltd. Vs M/s. State Bank of India)

Mrs. Almas Mohammed, learned counsel on behalf of the petitioner, submitted that the petitioner could pay only 20 per cent of the OTS amount and the balance 80 per cent could not be paid due to the COVID-19 pandemic. As there was no improvement, she added, the petitioner corporation was running with only 40 per cent of its staff. Due to its incapacity to pay the total amount in stipulated time, it urged the respondent Bank for further extension of time. However, the Bank refused to do so, and therefore, the given petition was filed. Sri Ambadipudi Satyanarayana, learned Standing Counsel for the respondent SBI, argued that the time for payment of amount under OTS scheme was already extended for all the borrowers till 30th… Continue Reading...


Tagged: State Bank of India  
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