[DRAT] OTS – Proposal was accepted on payment of stipulated amounts on a stipulated date – The Bank had agreed to give a 15% incentive and if the amount was not paid on that stipulated date, then the incentive had to be reduced to 12% in case the amount was paid at a later date – Loanee paid the amount by way of a cheque and not cash – There was no stipulation whatsoever to make payment in cash – The cheque was credited to the loan account of the borrower in the Bank only 2 days later because of the intervening holidays – The bank insists that he is entitled to only a 12% incentive and not a 15% incentive – Held, that on payment by cheque before the stipulated date, the Respondent was entitled to a 15% incentive as agreed upon by both the sides in the OTS proposal – RDB Act S. 19 (25).
read here ; 2022 SCeJ 0622
