The National Company Law Appellate Tribunal (NCLAT) dismissed an appeal filed by Mr. Rakesh Verma, the suspended director of a company under liquidation, reaffirming that once a company enters the liquidation stage under the Insolvency and Bankruptcy Code (IBC), individual objections from suspended directors, especially those not rooted in legal merit, cannot delay or derail the process.
The case revolved around Vasudeva Buildcon Pvt. Ltd., a company that entered liquidation after undergoing CorporateInsolvency Resolution Process (CIRP). Mr. Verma had challenged the liquidation proceedings initiated by the Adjudicating Authority (NCLT), arguing that the process lacked transparency and due opportunity, and raised concerns…