Simplex Projects case: Bank of Baroda moves SC against Calcutta HC's order
The matter pertains to a bank guarantee of Rs 6.97 crore furnished by BoB to Indian Oil Corporation (IOC) on behalf of Simplex Projects
 "Simplex Projects case: Bank of Baroda moves SC against Calcutta HC's order")
premium
Bank of Baroda (BoB) has moved the Supreme Court (SC) against the Calcutta High Court’s (HC’s) order in the matter of a bank guarantee issued on behalf of Simplex Projects.
The matter pertains to a bank guarantee of Rs 6.97 crore furnished by BoB to Indian Oil Corporation (IOC) on behalf of Simplex Projects. IOC had demanded the amount be encashed under the bank guarantee, which the bank did not release since the guarantee was not valid on the date of invocation.
BoB, in a statement, said after seeking legal advice, it had decided to exercise rights available by preferring a challenge against orders passed by the Calcutta HC. BoB approached SC on Monday. The HC had asked the Reserve Bank to consider appropriate steps against BoB, including revoking licence or authority to carry with banking business, for failing to honour a bank guarantee.
One subscription. Two world-class reads.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%