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.)