Bank of Baroda vs IOCL: Supreme Court dismisses plea against Calcutta HC order asking RBI to consider revoking Bank's licence

However, the Apex Court said that it would be open to RBI to take such necessary steps against BOB as the facts and circumstances call for "in the modification of the direction of the High Court".
Bank of Baroda and Indian Oil
Bank of Baroda and Indian Oil
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The Supreme Court on Monday dismissed a plea filed by Bank of Baroda against the order passed by the Calcutta High Court in February this year asking RBI to consider revocation of Bank's licence for not honouring unconditional bank guarantee invoked by IOCL.

The Supreme Court, however, left it open for the Reserve Bank of India to take necessary steps as per the facts and circumstances of the case "in the modification of the directions" passed by the High Court. (Bank of Baroda vs Indian Oil Corporation Ltd.)

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