cpc

loan default under cgtmse


 

1. A Pvt. Ltd. company has availed a loan of 40 Lakhs under CGTMSME
2. No personal guarantee of directors have been given.
3. The company defaults.
4. Can the bank:
	a. Initiate proceedings against the directors to attach their personal assets? 
	b. Declare the directors (as individual) defaulters and file the same with CIBIL affecting the director's individual credit rating?

 
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1. If A Pvt. Ltd. company has availed a loan of 40 Lakhs under CGTMSME
2. No personal guarantee of directors have been given.
3. The company defaults.
4. The bank:
i	a. Cannot Initiate proceedings against the directors to attach their personal assets? 
	b. Can declare the directors (as individual) defaulters and file the same with CIBIL affecting the director's individual credit rating?

 
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ADVOCATE HIGH COURT-criminal /civil -youract@gmail.com

1) Cibil report will be there against  all the directors., you can not avoid it.

2) It will be a SARFAESI case so banks may attach personal property for which you have to contest forcefully.

 
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I entirely disagree with Shri Yogeshwar as far as proceeding against Directors in their personal capacities. Since the Directors have not signed any papers in the individual capacities, their is no question of bank proceeding against such directors in their personal and individual capacities.It is a well settled legal matter. No issues.

 
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