Odisha HC declines to interfere in SBI loan recovery

CUTTACK: The Orissa High Court has declined to interfere in the loan recovery process adopted by State Bank of India for cancellation of sanctioned one-time Settlement (OTS) scheme as part of loan recovery process in the case of a person who had availed loans from its Udala branch in Mayurbhanj district.

The bank had sanctioned the OTS scheme under which the person was to pay Rs 60 lakh in three instalments of Rs 20 lakh each by July 26, 2023. The bank cancelled the sanctioned OTS on December 1, 2023 after the petitioner failed to pay the entire Rs 60 lakh.