Suspended directors of corporate debtor not entitled to confidential documents: NCLT

NCLT, Mumbai Bench

The IBC expressly allows suspended directors of a company under moratorium to participate in the CoC meetings. The extent of their participation in these meetings was, however, unclear. In a recent ruling in the case of Ruchi Soya Industries, the Mumbai Bench of the NCLT has dealt with the question.

Vijay Kumar Jain, a suspended director of Ruchi Soya Industries approached the NCLT initially seeking to set aside the decisions of the CoC at meetings for which he was not invited to . . .

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