It's not to code for a couple reasons.
It's not big enough, and as such is overly suceptable to clogging which leads to gunk on the coil and freezing. It can also lead to water being spilled out through the ducting (and into the duct insulation) or out of the airhandler into the insulation. This leads to mold in the insulation and ducting along with all the good health stuff that brings.
It's also not tough enough. PVC tubing is not real strong. It can wear through if it rubs the ceiling supports, it can get knawed through by rodents easily, it can get torn or pulled off by folks working on other stuff up there. When (not if) it fails, it'll start dripping water into the ceiling. From there the BEST thing that can happen is a moldy, destroyed ceiling panel, and depending on where the puddle forms it can go to electrical shorting, full grown colonies of nastyness, major water damage to all sorts of stuff.
But I also understand that getting a boss to understand he has to drop $300 or so to get a proper drain installed can be very difficult, and I'd be lying if I said I haven't done some shady stuff when I had to to acomplish mission. Just let him know it's a bad idea, and opens the company to liability if any emplyee or customer has one of those black mold allergies.