The National Company Law Appellate Tribunal (NCLAT) has given the green light to Canara Bank and Indian Bank to take action against former IL&FS directors, with the exception of those who have been part of the new board since October 1, 2018, in order to label them as wilful defaulters. This ruling also covers professional directors who have been reappointed to the current IL&FS and its subsidiaries’ boards. The banks are now able to move forward with their applications to start legal proceedings against the designated former directors.
NCLAT allows Canara Bank and Indian Bank to pursue former IL&FS directors as wilful defaulters, excluding new board members.
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