Whether Ex-Director who has resigned prior to initiation of CIRP can be held to be a Suspended Director and is entitled for the copy of Resolution Plan and other relevant documents? – Jagdish Valecha Vs. Anurag Kumar Sinha, RP of Valecha Engineering Ltd. and Ors. – NCLAT New Delhi
Hon’ble NCLAT defines the meaning of Suspended Director under Insolvency Code as “Suspended Directors are Directors whose power to act as Directors are suspended by virtue of initiation of CIRP. Suspended Directors may include those Directors of the Corporate Debtor who were working in such capacity on the date of initiation of the CIRP.” Appellant has resigned more than two years prior to initiation of the CIRP and cannot be held to be a Suspended Director and is not entitled for the copy of the Resolution Plan and other relevant documents