Suspended directors having 51% equity in Corporate Debtor cannot claim to be unaware about initiation of CIRP

Bimal Kumar Jejani Vs Star Mineral Resources Pvt. Ltd. (NCLAT Delhi) NCLAT Delhi held that suspended directors, who invested about 5.5 crores and having 51% equity in Corporate Debtor, cannot claim that they were not aware about initiation of CIRP. Accordingly, observation of Adjudicating Authority that Suspended Board of Directors of the Corporate Debtor were not cooperating with the IRP/RP/Liquidator was justifiable. Facts- An application u/s. 9 of theInsolvency and Bankruptcy Code, 2016 (IBC) was filed by the Operational Creditor i.e. M/s Platina Bulkers Private Limited Against the Corporat...