NCLT says a suspended director can challenge only at the appropriate time

Santosh Shetty, a suspended director and personal guarantor, challenged the CIRP after the CoC had approved a resolution plan with 100% voting share. 

NCLAT accepted that he had standing to appeal, but held that he had not participated meaningfully in the CIRP, had not submitted a resolution plan and had approached the Tribunal only at the final stage. 

The Tribunal declined to reopen the valuation or substitute its view for the CoC's commercial wisdom