BANK OF INDIA vs O.P. SWARNAKAR

The Supreme Court addressed whether an employee who opts for voluntary retirement under a scheme by Nationalised Banks can withdraw their offer. The Court held that once an employee has opted for voluntary retirement, they cannot unilaterally withdraw from the scheme, as it is a binding decision made under the provisions of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970. The judgment clarifies the legal standing of voluntary retirement schemes in the context of employment law and the operational framework of nationalized banks.