Director's personal liability in company's loan amt recovery

Personal guarantee is not connected with object, designation.  A personal guarantee is a personal guarantee for all purposes.  The maximum thing one can explore is taking the liability of that in between present directors or providing suitabel personal guarantee of a person with equal worth if the principal (Bank/Iinstitution) agrees with the proposal.

Yes it can be done but it will be a very technical and specialised legal action.

We are currently doing it  at SURAT in GUJRAT and NAWAPUR in Mahrashtra with good results.

 Ordinarily, a director is not, by way of holding the position of a director, liable for the debts of the company. The law in this regard is well settled and has been reiterated by courts in several judgments. For instance, the Delhi High Court in the matter of Tristar Consultants vs. M/s. VCustomer Services India Pvt. Ltd. & Another1made the following observations and upheld deletion of the name of the director from the suit filed, inter alia, for recovery of outstanding amount and damages:

Dear Rama Chary sir,

But in my case, director who is actually employee of the company along with promoter directors has given personal guarantee to the bank. Can in this case that employee director be saved from the liability of bank loan recovery?

Thank you Mr. GLN Prasad ji

To understand the issue, the query is posted once again

personal guarantee for company's loan.

I do not know the appliability of Tristar Consultants vs. M/s. VCustomer Services India Pvt. Ltd. & Another1 in personal guarantee by Directors as that judgment states about directors involved in fiduciary capacity.  for and on behalf of the company, whereas personal guarantee is different one in personal capacity in individual name.

Dear Sir with a big sorry I have to mention that NO. In fact giving the personal gurantee is an offer which is to be made individually person to person. In your case the employee who was a director of the company with no share holding has offered his personal liability towards the loan amount which was considered and sanctioned by a financial institution at the time of the final sanction of the loan.

Only by pursueance and pleasement by showing that if cumulatlivly other Director's property meets the desired amount the property of the this perticular employee/ Director can be saved in full or part as may be; but not legally. In fact he is personally and sjointly both liable to pay the loan default amount.

What if that director has only one residential house?

As per section 60 (ccc) of CPC, Punjab and Haryana state amendment -

(ccc) one main residential house and other buildings attached to it (with the material and the sites thereof and the land immediately appurtenant thereto and necessary for their enjoyment) belonging to a judgment-debtor other than an agriculturist and occupied by him: Provided that the protection afforded by this clause shall not extend to any property specifically charged with the debt sought to be recorded.”

can in this case director save his residential house, he is neither agriculturist nor labourer nor domestic servant in the state of Haryana and Punjab??

And can we take this amendment reference in the case in Delhi High court?