Legal Question in Banking Law in India

If the company is not represented by anybody, B the director, if he is interested, can claim to represent the company and plead its and his case in opposition to the proceeding before DRT. Directors have a fiduciary relationship to the company. If the assets of the company have been taken over by the Bank under SARFAESI Act, if there are valid objections to the said proceedings, B as director on behalf of the company can file application under Sec.17 of the SARFAEASI Act, provided, the said application is within time i.e. 45 days from Sec.13(4) notice or to file an application to condone the delay. You must write to those actually holding the company's books and assets to provide you with necessary inputs to oppose the application before the DRT. If the managing director,(in case there is one) you must write to him to represent the company and on his failure to do so, you will be representing the company to protect the company's interests in the pending application. It all depends on what valid grounds of defence are available for the company. If there are valid grounds, you can represent the company on account of the failure of those actually in charge of the day to day affairs of the company to protect its interests and also claim the costs of such defence from the company. If the company is defunct, you have to expend your own moneys. Better weigh the materials and get the assistance of local lawyer in this matter.

I agree with the above