Delhi HC sets aside Punjab and Sind Bank's withdrawal of one-time settlement

The OTS offer, its acceptance and the sanction letter constitute a sufficient contract, the judge said. “Thus, the Punjab and Sind Bank, which is a nationalised bank and an instrumentality of the state, cannot act arbitrarily or whimsically in matters of contract.” The Punjab and Sind Bank (PSB) withdrawing the OTS was a “cryptic order, bereft of any reasons”, Justice Pushkarna said.