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of The NCLAT held that disputes related to shareholder oppression or mismanagement under the Companies Act are distinct from the Insolvency and Bankruptcy Code (IBC) and fall outside its purview. As a special statute, the IBC prevails over the Companies Act pursuant to Section 238. The appellant's contention regarding resolution of the Company Petition u/ss 241 & 242 of the Companies Act before the CIRP petition was rejected. The NCLT order complied with the IBC provisions, and there was no pleading of pre-existing dispute. Equity shareholders, as owners, are beneficiaries when the company performs well but lose their capital in liquidation. While erstwhile directors can intervene and file appeals u/s 61, individual or majority shareholders cannot pursue derivative action. The appellant's argument that the definition of 'aggrieved person' u/s 61 should include any party whose interests are impacted was rejected, as a restrictive interpretation is warranted. The appellant, being a shareholder, is not an 'aggrieved party' under the IBC and has no locus to file this appeal, leading to its dismissal.
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