I disgaree with views of Shri Gurmukh.
I give below the correct answers to your querries:
Q. Is the promoter legally bound from selling his personal assets or does the bank need to get stay from court to prevent promoter from selling his personal assets?
Answer: The promoter can sell his personal assets covered by personal guarantee without obtaining anybody's permission.
2. if one personal asset is mortgaged with some other bank, can the bank create a second charge on the asset?
Answer- No such second charge can be created without the written consent of the mortgagor & first mortgagee.
3. can bank proceed with the personal guarantee of the directors without first selling the mortgaged assets?
Yes the bank can proceed. However, in such case promoter has the right to recover the amount from the Company which took the loan.
4. Is it a usual practise for directors who have given persoanl guarantee to transfer/ sell assets to save the asset from bank sale and how valid is the sale?
My answer is yesin respect of those assets which are not charged to the bank.
I am a practising banker and dealing with such matters.
You can contact me for further clarification/assistence