Rescheduling Payment under OTS Amounts to Rewriting the Contract; High Court Cannot Grant Such Relief in Writ Jurisdiction: Kerala High Court
The Kerala High Court has held that the High Court cannot use its writ jurisdiction under Article 226 of the Constitution of India to reschedule or restructure payments under a One Time Settlement (OTS). A Division Bench of Justice Anil K. Narendran and Justice Muralee Krishna S set aside a Single Judge order that had permitted borrowers to clear arrears in instalments while restraining coercive proceedings under the SARFAESI Act.…
