SUPREME COURT OF INDIA Before:-M.R. Shah and M.M. Sundresh, JJ. Civil Appeal Nos. 7402 of 2022(@ SLP (Civil) No. 14695 of 2020). D/d. 5.1.2023. K. Sreedhar – Appellants Versus M/s Raus Constructions Pvt. Ltd. &…
Tag: DRT
Borrower cannot claim extension of time period under One time settlement scheme (OTS) as matter of right.
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