Legal Question in Banking Law in India
there is already a case in high court for winding up the p ltd company due unhealthy relation among directors and shareholders and subsequently the company has not paid interest to banks and banks have intiated recovery through sarfaseai act and taking possesion of the secured property , cant it be stopped since the company is having other assests also which can be sold by the liquidator to pay off bankers other liabilities of the comapny.can the banker hear the plea and join the liquidator to recover all cost ,? since the secured property is the personal property of family members of the director
2 Answers from Attorneys
you can try requesting the Bank
the bank needs to approach the DRT for appropriate orders. however, under what law the bank wants to recover the dues of company from auctioning the personal assets of family members of directors?
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