MINI PUSHKARNA, J:

1. The present petition has been filed seeking to set aside the letter dated 1st August, 2023 issued by the Punjab and Sind Bank (“respondent-bank”)

vide Email dated 2nd August, 2023, by which the One Time Settlement (“OTS”) Scheme entered between the parties, was recalled/withdrawn by the respondent-bank.

2. Facts in brief are as follows: 2.1 The petitioner no. 1-company (“the petitioner-company”) was granted a Term Loan of ₹ 125 Crores and an additional Term Loan of ₹ 30 Crores, totaling to ₹ 155 Crores (“subject loan”) by the respondent-bank towards part financing for the construction and development of a Real Estate Project at Sector-50, Noida (“Noida Project”), under Multiple Banking Arrangement on 14th March, 2013.

2.2 Other lenders for the said Noida Project were HDFC Limited, which advanced loan of ₹ 25 Crores, and erstwhile, Oriental Bank of Commerce, now Punjab National Bank (“PNB”), which advanced an amount of ₹ 124 Crores to the company. Initially the loans were sanctioned and disbursed by the participating member banks under Multiple Banking Arrangement. Later on, consortium was formed amongst the participating banks, wherein, PNB (formerly Ori