Punjab National Bank vs Virender Kumar Goel & Ors

The Supreme Court clarified that an employee's request for voluntary retirement is not effective until accepted in writing by the competent authority, thereby upholding the right to withdraw such request prior to acceptance. The Court emphasized that employees who accepted benefits under the voluntary retirement scheme could not later retract their acceptance, establishing that such acceptance constitutes a waiver of rights. The appeals from nationalized banks were dismissed, except for cases where employees had accepted benefits but continued under High Court orders until retirement.