Srikanth Renewables Private Limited v. Rec Limited
Case brief
What is this about?
Writ petition (Article 226, Constitution of India), W.P.(C) 2099/2025 & CM APPL. 19593/2025, 19638/2025, Delhi High Court, Vikas Mahajan, J., order dated 09.04.2025. Borrower Srikanth Renewables Private Limited v. lender REC Limited. Grievance: OTS proposals since 2022 and OTS offer dated 30.09.2024 for INR 2,25,00,000/- rejected/ignored without reasons; reliefs sought included mandamus for written reasons and restraint on recovery proceedings. Disposed of: fresh OTS proposal to be given by 14.04.2025; bank to consider within 07 days per extant RBI circulars, without prejudice. Keywords: one-time settlement, OTS, mandamus, RBI circular, loan repayment, rejection without reasons.
What did the court decide?
No writ relief granted on merits. Petition disposed of with directions: petitioner to submit a fresh OTS proposal to the respondent by 14.04.2025; if made, the respondent bank to consider it within 07 days in terms of the extant RBI circular(s), without prejudice to its rights and contentions.