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What does suspension of trading in a stock mean?

A stock can be suspended from the exchanges due to non-compliance with regulations. Once suspended, the stock is no longer traded on the exchanges. Suspended stocks held by you will not be visible on Kite but you can check them on Console.

You can check the list of suspended stocks on each exchange's website:

The suspension of a company's stock may have bearing on its value but it doesn't necessarily mean that the value of the shares is zero. It only means they are not allowed to trade on an exchange. Suspension of a company from trading, by the exchange, might be for several reasons but if the suspended company complies with all regulations, the suspension will be revoked and the shares will start trading again. 

If the company gets suspended and then eventually closes you will have to write it off as a loss, there is not much you can do about it.