https://www.taxtmi.com/caselaws?id=391468 The High Court set aside the orders of the lower tribunals holding a former director personally liable for a company's debt to a bank. Emphasizing the separate legal identity of a company, the court ruled that directors cannot be held personally liable without a separate contract, criticizing the lower tribunals for disregarding corporate law principles. The court highlighted the importance of legal validity and specialized knowledge in Company and Banking laws. The matter was remitted back to the Debts Recovery Tribunal for a fresh decision, with the court concluding that the previous orders lacked legal basis. en-us Mon, 04 Nov 2019 00:00:00 +0530 Wed, 06 May 2020 17:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=391468 The High Court set aside the orders of the lower tribunals holding a former director personally liable for a company's debt to a bank. Emphasizing the separate legal identity of a company, the court ruled that directors cannot be held personally liable without a separate contract, criticizing the lower tribunals for disregarding corporate law principles. The court highlighted the importance of legal validity and specialized knowledge in Company and Banking laws. The matter was remitted back to the Debts Recovery Tribunal for a fresh decision, with the court concluding that the previous orders lacked legal basis. Case-Laws Companies Law Mon, 04 Nov 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=391468