Is there a difference between the Supersession of Directors under the RBI Act and the Suspension of Directors under the Code? and Whether a Superseded director, who had vacated office on supersession of Board under RBI Act, is entitled to the notice of CoC meeting and has the right to participate in the meeting of the CoC? – Dheeraj Wadhawan Vs. The Administrator Dewan Housing Finance Corporation Ltd. – NCLAT New Delhi

NCLAT holds that Superseded Directors are those Directors who have been removed or deemed to have demitted office and who are not holding the position of Director on the CIRP commencement date, cannot be considered a Director Simpliciter to benefit from participating in the meeting of CoC.A removed Director from the Board of Directors cannot interfere in the Company's affairs per contra a suspended Director always remains on the Board. The Appellant, erstwhile Directors, who have vacated the offices are also not entitled to share any document. However, the copy of the Resolution Plan after approval from the Adjudicating Authority cannot be treated as a confidential document. Therefore, after final approval of the Resolution Plan, its certified copy may be issued as per Rules.

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