Promoters Cannot Escape Liquidation Of Personal Assets Given As Security By Filing For Bankruptcy under Code: NCLT [Read Order]
Apoorva Mandhani
18 July 2017 5:22 PM IST
![Promoters Cannot Escape Liquidation Of Personal Assets Given As Security By Filing For Bankruptcy under Code: NCLT [Read Order]](https://www.livelaw.in/cms/wp-content/uploads/2015/02/Bankruptancy.jpg "Promoters Cannot Escape Liquidation Of Personal Assets Given As Security By Filing For Bankruptcy under Code: NCLT [Read Order]")
The National Company Law Tribunal recently held that the personal properties of the Promoters given as security to the Banks can be proceeded against, in spite of initiation of insolvency proceedings against the Company.Judicial Member M.K. Shrawat ruled that personal properties of the Promoters would not saved by the Moratorium prescribed by Section 14 of the Insolvency and Bankruptcy...
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