Confusion over shareholders' approval for resolution plan under IBC

Need for alignment of the Code with the existing laws, say experts

Legal fraternity and insolvency professionals appear divided over whether shareholders' approval under Companies Act, 2013 and the SEBI regulations would be necessary to pass certain resolution plans under Insolvency and Bankruptcy Code (IBC).  

Various stakeholders in the insolvency resolution process are apprehensive of the interplay between the Code and some provisions of company law and the Sebi regulations. Many feel, unless there is alignment of the Code with the existing laws, this may give the promoters of companies going through insolvency resolution more say in the turn round process, including blocking any part of the resolution plan. This may