W.r.t. the OTS Scheme as directed by the RBI, what is the nature of such scheme w.r.t. enforceability of such under 32 and/or 226.
1. Are RBI guidelines and master circulars binding and statutory in nature or merely directory?
2. As established by various courts, if such directions are mandatory and binding on all banks, does availing OTS fall under such guidelines?
3. Thirdly, is OTS the legal right of an NPA defaulter?
4. Fourthly, what is the legal consequence if an NPA defaulter approaches the bank for an OTS with a proposal letter and the bank denies such without giving grounds?
5. Fifthly, as banks are allowed to twerk and make adjustments to their OTS policy as allowed by the RBI guideline, what is the extent of such adjustments?
