NCLAT allows banks to proceed against former IL&FS directors not part of new board

The NCLAT has permitted Canara Bank and Indian Bank to pursue actions against former IL&FS directors, excluding those on the new board, to declare them wilful defaulters. This protection extends to reappointed professional directors. The decision comes after a Rs 90,000 crore debt crisis led to the government appointing a new IL&FS board in October 2018.