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 joined the new board after October 1, 2018, and label them as wilful defaulters. This ruling also safeguards professional directors who have been reappointed to the boards of the current IL&FS and its subsidiary companies. The two banks now have the go-ahead to file applications to kick off legal proceedings against the aforementioned former directors.