https://www.taxtmi.com/caselaws?id=309905 SC held that the High Court erred in extending the time to pay the balance under a sanctioned OTS beyond the expressly stipulated deadline. The borrower failed to pay as required by the OTS letter, which made the scheme infructuous if not paid by the specified date; subsequent offers by the bank were not accepted. The Court ruled that extension cannot be granted as a matter of right under Article 226, though the bank may mutually extend time under contract law (s.62, Indian Contract Act). The HC order granting extension was quashed and the appeal allowed. en-us Fri, 04 Nov 2022 00:00:00 +0530 Tue, 16 Sep 2025 17:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=309905 SC held that the High Court erred in extending the time to pay the balance under a sanctioned OTS beyond the expressly stipulated deadline. The borrower failed to pay as required by the OTS letter, which made the scheme infructuous if not paid by the specified date; subsequent offers by the bank were not accepted. The Court ruled that extension cannot be granted as a matter of right under Article 226, though the bank may mutually extend time under contract law (s.62, Indian Contract Act). The HC order granting extension was quashed and the appeal allowed. Case-Laws Indian Laws Fri, 04 Nov 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=309905