Punjab & Sind Bank & Anr vs S. Ranveer Singh Bawa & Anr

The Supreme Court held that once an employee accepts payments under a voluntary retirement scheme (VRS), they cannot withdraw their option to participate in the scheme. The Court referenced the principles established in Bank of India v. O.P. Swarnakar, clarifying that the VRS constituted an invitation to offer rather than a binding offer, and that acceptance of benefits creates a legal obligation that precludes withdrawal. Consequently, the Court upheld the decision of the lower courts, affirming that the respondent was not entitled to rescind his acceptance after receiving payments.