Even if Shareholder ceased to exercise their right to vote with regard to the companies, but still they have right to decide whether approving or disapproving the decision be proceeded with the CIRP u/s 10 of the I&B Code – Export-Import Bank of India & Anr. Vs. Astonfield Solar (Gujarat) Pvt. Ltd. & Anr. – NCLAT
Even if it is presumed that the shareholder ceased to exercise their right to vote with regard to the companies aforesaid, their right under clause (c) of sub-section (3) of Section 7 does not stand superseded by the aforesaid provision.
NCLAT has held that the shareholder has a right to decide whether approving or disapproving the decision be proceeded with the corporate insolvency resolution process under Section 10 of the I&B Code. Such right does not stand curtailed by Deed of Pledge dated 28th March, 2013.
