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Bank guarantee case: Bank of Baroda moves Supreme Court against Calcutta HC order

New Delhi, Feb 25 () State-owned Bank of Baroda (BoB) on Tuesday said it has moved the Supreme Court against an order passed by the Calcutta High Court in a matter related to a bank guarantee issued on behalf of Simplex Projects Ltd. A bank guarantee of Rs 6.97 crore was furnished by BoB to Indian Oil Corporation (IOCL) on behalf of Simplex Projects. IOCL had raised a demand to encash the amounts under the bank guarantee, which the lender did not release since the guarantee was not valid on the date of its invocation. Earlier this month, the Calcutta High Court directed Reserve Bank to consider appropriate steps against BoB, including revoking its licence or authority to carry on with banking business, if necessary, for failing to honour the bank guarantee. In a statement on Tuesday, BoB said

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