The clarification came as some stakeholders drew attention to Section 30(2)(e) of the IBC, which directs resolution professionals to ensure any such insolvency resolution plan does not contravene any of the provisions of the law for the time being in force. (Reuters)The Insolvency and Bankruptcy Code (IBC), 2016, isnt in conflict with the Companies Act, 2013, and Wednesdays clarification that a resolution plan approved by the committee of creditors and the adjudicating authority doesnt require shareholders nod for implementation was made to clear any confusion among stakeholders regarding the applicability of the existing provisions of both the laws, a senior corporate affairs ministry official said. The clarification came…
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