Every OTS Scheme Is Time-Bound; Borrower Has No Vested Right to Seek Extension: Allahabad High Court

The Allahabad High Court, in a significant ruling, has dismissed a writ petition filed by M/s Jaharveer Maharaj Agro Pvt. Ltd., reinforcing that every One Time Settlement (OTS) scheme is time-bound and a borrower cannot claim a vested right to seek an extension beyond the stipulated period. The judgment comes in the context of the SOTS Scheme 2022-23, under which the Punjab National Bank (PNB) had sanctioned a settlement, later…