Banks can proceed against ex-IL&FS directors: NCLAT

NCLAT has permitted Canara Bank and Indian Bank to proceed against former IL&FS directors, excluding those on the new board since October 1, 2018, to declare them wilful defaulters. This protection extends to professional directors reappointed to the current IL&FS and its subsidiaries' boards. The banks are now allowed to apply to initiate proceedings against the specified former directors.