gn rao 04 December 2024
Is a professional director with a DIN no of a company declared NPA by the Bank and subsequently a NCLT resolution has been passed on. The directors did not have any financial powers nor they provided any corporate guarantee to the bankers. In such a case, does the Corporate Creditor such as Bank have authority to recover the dues by attaching both liquid & immovable personal assets of the Directors and their spouses????
T. Kalaiselvan, Advocate (Advocate) 04 December 2024
the National Company Law Tribunal (NCLT) can attach a director's assets:
Powers of the NCLT
The NCLT is a quasi-judicial authority that deals with corporate disputes under the Companies Act. It has the power to attach assets in cases where it's necessary to protect the assets of the corporate debtor.
Powers of the Liquidator
The Liquidator has the power to take measures to protect the assets of the corporate debtor. They are also responsible for recovering all assets and dues to the corporate debtor.
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