PUNJAB & SIND BANK vs S. RANVEER SINGH BAWA

The Supreme Court held that once an employee opts for a Voluntary Retirement Scheme (VRS) and accepts the payments under it, they cannot withdraw their option. The Court referred to the principles established in Bank of India v. O.P. Swarnakar, emphasizing that the VRS is contractual in nature and constitutes an invitation to offer rather than an offer itself. The Court upheld the decision of the lower courts, affirming that the respondent's acceptance of benefits precluded any subsequent withdrawal from the scheme.