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Supreme court rejected on thursday supertech Appeal by Realtors against the Delhi High Court order which held that the One Time Agreement (OTS) entered into between the consortium of banks and the Relator is purely a contract and any change in its terms by the borrower can be done only with mutual consent can go. ,
The company’s account was classified as NPA in 2018 after it could not repay a loan of Rs 678 crore, which was disbursed by a consortium of lenders. Union Bank of India, Bank of Maharashtra, Central Bank of India and Oriental Bank of Commerce for the ‘Supernova’ project in Noida, Uttar Pradesh.
A bench led by Justice Abhay S Oka declined to interfere with the HC order holding that the realtor has failed to pay the first installment of Rs 4.66 crore in full by September 15, 2022, i.e. the date of expiry of the moratorium, Further extension of time limit is at the discretion of the Bank.
The HC had further said that the court cannot renegotiate the terms of a private contract and any change in the terms of the contract can only be done by mutual consent in terms of the Indian Contract Act, 1872.
Supertech had moved the High Court challenging the cancellation of the OTS scheme by the consortium of lenders led by Union Bank of India and also declared that the moratorium period of three months should be counted from August 18 when the OTS was amended and not from June 15. Which was the original OTS date.
It wanted the HC to renegotiate the terms of payment of Rs 678 crore disbursed for its ‘Supernova’ project in Noida, Uttar Pradesh. The company also wanted the court to extend the stay period by six months from November 19.
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