The scales of fish protect them from many pathogens and other invaders.
Yes, fishes can live without scales.
If a scaled fish loses its scales in large amounts then it can grow back definitely.
There are many fishes such as catfish and clingfish that do not have scales. These are scaleless fish. But scales protect fishes from pathogens and predators so without scales they become more susceptible to various pathogens.
In saltwater fish scales are very important for osmoregulation. Scales prevent dehydration by maintaining osmotic balance in saltwater.