High Courts Are Empowered To Extend The One Time Settlement Time Period: Punjab & Haryana High Court

Case: Amrik Singh vs DCB Bank Ltd. and Another
Coram: Justice M.S. Ramachandra Rao and Justice Jasjit Singh Bedi
Case No.: CWP. 4631/2021
Court Observation:
It was held that the High Court, in the exercise of its powers under Article 226 of the Constitution of India, can grant an extension of time for completion of the payment under the One Time Settlement (OTS), if the guidelines given in the case of Anu Bhalla and another v District Magistrate, Pathankot, 2021 (1) RCR (Civil), are met.
“Since the pendency of this Writ Petition till date cannot be to the prejudice of the petitioner, the petitioner is directed to deposit the sum of `36 lakh plus interest thereon at 9% per annum from 30.09.2020 till 02.01.2021 only within ten days from the date of receipt of a copy of this order; and the respondents are directed to adjust the same towards the OTS sanctioned on 25.07.2020 vide Annexure P-5, release the securities, if any, to the petitioner within two weeks of receipt of the above payment.”

High Courts Are Empowered To Extend The One Time Settlement Time Period: Punjab & Haryana High Court