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NCLAT Clears Action on Ex-IL&FS Chiefs
Mint Kolkata
|April 09, 2025
The National Company Law Appellate Tribunal (NCLAT) has allowed state-owned Canara Bank and Indian Bank to pursue proceedings against former Infrastructure Leasing & Financial Services (IL&FS) directors, who are not part of the new board, to declare them as wilful defaulters.
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However, the appellate tribunal said those directors who are part of the new board of IL&FS and its various subsidiaries after 1 October 2018, would remain protected.
This story is from the April 09, 2025 edition of Mint Kolkata.
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