NCLAT: Superseded Director Not Entitled to Notice of CoC Meeting - (31 Jan 2022)
BANKING
National Company Law Appellate Tribunal has held that there exists a difference between supersession of Directors under the Reserve Bank of India Act, 1934 and suspension of Directors under the Insolvency and Bankruptcy Code, 2016 and that a superseded director who vacated office on supersession of Board under the RBI Act is not entitled to the notice of Committee of Creditors meeting and has no right to participate in the meeting.
Tags : NATIONAL COMPANY LAW APPELLATE TRIBUNAL SUPERSEDED DIRECTOR
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