TMI Blog2020 (2) TMI 1680X X X X Extracts X X X X X X X X Extracts X X X X ..... n of this court for a direction on the Bank of Baroda to release the payment under the unconditional bank guarantee. IOCL maintains that in such circumstances and considering the conduct of the Bank of Baroda, an appropriate order ought to have been passed to revoke its licence since it had acted in a manner unbecoming of a bank, a nationalised bank at that. The cross-objection is against such par ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . Vineeta Meharia, Ms. Urmila Chakraborty, Ms. Subika Paul. For the Respondent No. 2 : Mr. Krishnendu Bhattacharya, Mr. Priyankar Ganguly. ORDER Since the appellants cannot proceed with the matter, MAT 916 of 2019 is dismissed for default. There is a cross-objection by the first respondent in the appeal, COT 55 of 2019, which is taken up immediately upon the dismissal of the app ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g to IOCL, despite Simplex being given 50% of the mobilisation advance, no work was forthcoming. After IOCL issued several notices to Simplex which went unheeded, IOCL invoked the bank guarantee. It is submitted on behalf of IOCL that notwithstanding the bank having no right to stall immediate payment upon the invocation of an unconditional bank guarantee, the bank in this case sought some time. I ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mstances that IOCL was constrained to invoke the writ jurisdiction of this court for a direction on the Bank of Baroda to release the payment under the unconditional bank guarantee. IOCL maintains that in such circumstances and considering the conduct of the Bank of Baroda, an appropriate order ought to have been passed to revoke its licence since it had acted in a manner unbecoming of a bank, a n ..... X X X X Extracts X X X X X X X X Extracts X X X X
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