Legal Question in Bankruptcy in India

Dear Sir,

I was working in a ltd.company since august 2001.The company has taken cash credit limit from a PSU bank in 2005 that becomes RS.25 cr.in the year 2012 against mortgage of two offices and director's personal guarantee . In the year may 2012 company appointed me as an additional director without any extra facility or remuneration.In October 2012 co.declared it self as bankrupt as they are not able to pay interest an principal.Now bank has sealed our both offices. From November 2012 I am working in a different company. Can that PSU charged any claim against me as my earlier co.not yet accepted my resignation because there are only three directors are available at that time.

Please help me as I am a salaried person and don't know what will happen next.


Asked on 4/07/14, 12:07 am

1 Answer from Attorneys

You was appointed in the earlier company as a director it will be required to know the responsibility you have at there and it is the duty you have to take resignation from the organisation in which you was working because as you stated as the position of director I think your responsibility will be major and without taking resignation you can't be separate you from the organisation and your responsibility will be as such. Thus, I think without filing resignation and its accepted your responsibility will be against the organisation.

You has not mentioned that what kind of relief you may require thus it is not illustrated here. If you may like to contact with me can do so with the details listed below.

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Answered on 4/07/14, 12:44 am


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