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of <h1>Extension granted for OTS scheme payment, deadlines set. Failure may lead to legal action. Writ Petition disposed.</h1> <h3>Sri Yadadri Lifesciences P. Ltd. Versus State Bank of India</h3> Sri Yadadri Lifesciences P. Ltd. Versus State Bank of India - TMI Issues:1. Extension of time for payment under OTS scheme due to Covid-19 impact.Analysis:The petitioner filed a Writ Petition seeking a mandamus to declare the respondent Bank's refusal to consider their representations for extending the time for payment under the OTS scheme as illegal. The petitioner had requested an additional 90 days to pay the OTS amount due to the Covid-19 pandemic affecting their business operations. The petitioner had only paid 20% of the amount and sought further extension. The respondent Bank argued that the time for payment had already been extended for all borrowers until 30.06.2020 due to Covid-19 and no further extension was possible. They highlighted that the petitioner had not shown any payment during the previous extension period.The Court noted that the prevailing Covid-19 situation had led to extraordinary circumstances, impacting businesses and individuals across the country. While acknowledging that the OTS scheme had a specific time frame for payment, the Court considered the exceptional nature of the pandemic. They referred to the Supreme Court's extension of limitations under various statutes and the Full Bench of the Court extending interim orders due to Covid-19. The Court recognized the unique challenges posed by the pandemic and the need for flexibility in such circumstances.In light of the extraordinary situation, the Court granted the petitioner an extension to pay the entire outstanding amount under the OTS scheme until the end of August 2020. The petitioner was directed to pay 25% of the amount by the end of July 2020 to demonstrate good faith, with the remaining 75% to be paid by the end of August 2020. Failure to comply would allow the respondent Bank to take appropriate legal action. The Writ Petition was disposed of with no costs awarded, and any related pending petitions were dismissed accordingly.
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