The case involves an appeal against the imposition of interest on an outstanding amount under an OTS (One Time Settlement) proposal. The appellant, Akshay Arun Shetty, had an outstanding liability of Rs. 9.08 Crores, which was cleared in terms of an order dated 9th November 2020. The respondent, Bank of India, acknowledged that Rs. 57,00,000/- was paid by 31st December 2020, and the balance of Rs. 57,00,000/- was cleared by 1st January 2021. The appellant argued for a waiver of interest due to hardships caused by the COVID-19 pandemic and the subsequent lockdown.
Akshay Arun Shetty, the appellant, had an outstanding liability of Rs. 9.08 Crores under an OTS proposal with Bank of India, the respondent. The OTS proposal stipulated certain payment terms, including a clause (Clause 8) that required the appellant to pay interest at 1% above the base rate if the amount was not paid by 21st August 2020. The appellant cleared Rs. 57,00,000/- by 31st December 2020, and the balance of Rs. 57,00,000/- by 1st January 2021. The appellant argued that the delay in payment was due to hardships caused by the COVID-19 pandemic and the subsequent lockdown, and sought a waiver of interest. The respondent contended that the appellant was legally obligated to pay interest as per the OTS agreement. The appellant had requested an extension of time to
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Appellant was under a legal obligation to…
As per Clause 8 of the approved OTS proposal,…
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The case involves an appeal against the imposition of interest on an outstanding amount under an OTS (One Time Settlement) proposal. The appellant, Akshay Arun Shetty, had an outstanding liability of Rs. 9.08 Crores, which was cleared in terms of an order dated 9th November 2020. The respondent, Bank of India, acknowledged that Rs. 57,00,000/- was paid by 31st December 2020, and the balance of Rs. 57,00,000/- was cleared by 1st January 2021. The appellant argued for a waiver of interest due to hardships caused by the COVID-19 pandemic and the subsequent lockdown.
Akshay Arun Shetty, the appellant, had an outstanding liability of Rs. 9.08 Crores under an OTS proposal with Bank of India, the respondent. The OTS proposal stipulated certain payment terms, including a clause (Clause 8) that required the appellant to pay interest at 1% above the base rate if the amount was not paid by 21st August 2020. The appellant cleared Rs. 57,00,000/- by 31st December 2020, and the balance of Rs. 57,00,000/- by 1st January 2021. The appellant argued that the delay in payment was due to hardships caused by the COVID-19 pandemic and the subsequent lockdown, and sought a waiver of interest. The respondent contended that the appellant was legally obligated to pay interest as per the OTS agreement. The appellant had requested an extension of time to
…Appellant was under a legal obligation to…
As per Clause 8 of the approved OTS proposal,…
Sign in to view related legal provisions.