A Private limited company has applied for Restructuring of its credit facilities. However status of compliance on ROC site is ACTIVE-non compliant as company has defaulted in filing statutory returns. Company has also filed petition in Ahmedabad High Court for removing disqualification. Present status of Director is Disqualified by ROC u/s 164(2).
Considering above scenarios kindly advise about legal Validity of Company and its Directors. Also advise whether its present Directors can sign security documents/other corresponding documents on behalf of company and enforceability of the same from Bank Point of view.
What is course of action available for bank ?
