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Amount deposited by defaulter as part of One-Time Settlement not accepted by bank was to be refunded

August 22, 2019[2019] 108 343 (SC)

FEMA, BANKING & INSURANCE : Where appellants-defaulters deposited Rs. 40 crores in terms of order of High Court as part of one time settlement with bank to whom an amount was due but said offer was rejected since bank as a 'secured creditor' would be entitled to proceed only against 'secured assets' mentioned in notice under section 13(2) of SARFAESI Act, appellants were entitled to withdraw sum deposited by them

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