The National Company Law Appellate Tribunal (NCLAT) has granted permission to Canara Bank and Indian Bank to take action against former IL&FS directors, with the exception of those serving on the new board since October 1, 2018, in order to label them as wilful defaulters. This shield also covers professional directors who have been reappointed to the present IL&FS and its affiliated companies’ boards. The banks have been given the green light to file applications to kickstart legal proceedings against the designated ex-directors.