POWER FINANCE CORPN vs PRAMOD KR BHATIA

The Supreme Court held that the acceptance of voluntary retirement by the respondent was conditional upon the clearance of outstanding dues, as per the proceedings dated December 20, 1994. The Court clarified that until the employee is formally relieved of duties, the jural relationship with the employer remains intact, thus the respondent did not acquire a vested right to voluntary retirement. The Court overturned the Delhi High Court's ruling, stating that the acceptance of voluntary retirement did not create an irrevocable right due to the conditional nature of the acceptance.