Bank Of India & Ors vs O.P. Swarnakar Etc

The Supreme Court addressed whether an employee opting for voluntary retirement under a scheme by nationalized banks can withdraw their offer. The Court held that once an employee submits an application for voluntary retirement, it cannot be retracted, as it is a binding decision under the provisions of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970. The judgment clarified the legal standing of voluntary retirement schemes in the context of employment law, affirming the finality of such decisions.