Bankcrupty
Rama Verma
(Querist) 06 April 2009
This query is : Resolved
what are the duties of director when company is filing bankcrupty according to indian law. and general duties of director.
Hiralal Das
(Expert) 07 April 2009
Kindly follow Ramaya's Company Law Book which should help you more and more.
B.B.R.Goud.
(Expert) 07 April 2009
you need to elucidate the brief
A V Vishal
(Expert) 09 April 2009
Bankruptcy and Liquidation issues are dealt with mainly under the Indian Companies Act, 1956, the Sick Industrial Companies (Special Provisions) Act, 1985 (“SICA”), Recovery of Debts Due to Banks and Financial Institutions Act, 1993, the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, the Indian Contract Act, 1872, the Indian Civil Procedure Code, 1908 and other substantive and procedural laws for recovery proceedings.
Kinly give more details to elucidate further on the subject
A V Vishal
(Expert) 10 April 2009
Dear Rama:
In my opinion the duties of directors can be understood clearly by going through S 538 to 545 of the Companies Act, which deals with penalty & prosecution for the role of directors in case of company's liquidation. These can be summed up as the duties since non compliance leads to penalty or prosecution or both.
Y V Vishweshwar Rao
(Expert) 27 April 2009
1-Liquidation Under Court - High Court - proceedings !
2- Liquidation by company itself/liquidation by company Board of directors and by complying all the provisions of the Companies Act, the procedure to be followed accordingly .
