( Author )
20 August 2012
1. A company has two directors A & B
2. A NBFC has sanction loan in the name of directors A & B against their personal property.
3. NBFC has used the financials of the company for calculating the eligibility of the loan
4. Now NBFC wants the company should be the Co-applicant without creating any type of charge with ROC
Please Advice in case of default by directors A & B, what could be the liability of the company in such case.