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22 October, 2020 23:22 IST
Kolkata HC directs RBI to take action against Bank of Baroda
Source: IRIS | 19 Feb, 2020, 04.25PM
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Bank of Baroda, one of the leading public sector lenders, declined after the Kolkata High Court directed the Reserve Bank of India (RBI) to consider appropriate steps against it, including revoking its licence or authority to carry on with banking business, if necessary, for failing to honour a bank guarantee given by a third party to Indian Oil Corporation (IOCL).

The oil marketing company told the court that it had entered into an agreement with Simplex Projectsin 2017 for undertaking certain work at the Bongaigaon facility of IOCL in Assam.

In terms of such agreement, IOCL was obliged to make a mobilisation advance against a bank guarantee, while Simplex was also required to furnish a bank guarantee on account of security deposit, the court noted.

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