Images Gym Ltd. was granted credit facility of ₹100 lakh under consortium arrangements. Under the consortium, there were 5 five banks, and credit facility provided by the respective banks were as under: A-One Bank Ltd. ₹

Images Gym Ltd. was granted credit facility of ₹100 lakh under consortium arrangements. Under the consortium, there were 5 five banks, and credit facility provided by the respective banks were as under: A-One Bank Ltd. ₹45 lakh, Best Bank Ltd. ₹20 lakh, Good Deal Bank Ltd. ₹15 lakh, Credit Arrangers Bank Ltd. ₹10 lakh and Your Bank Ltd ₹10 lakh. Among theses the A-One Bank Ltd. was the leader. Images Gym Ltd. was engaged in the business of manufacturing and trading of Gym exercise machines. However, due to poor demand of the products, the company could not sell out the machines and as a result the account of the company with respective banks were classified as Non-performing Advances (NPAs). Apart from credit facility from the above banks, the company was also having outstanding dues of the creditor, which the company was not able to pay-off. The total amount outstanding of such operational creditors amounted ₹30 lakh. The company has also not paid the salary to its employees and workers for the last 6 months and the total dues amounted to ₹10 lakh. The leader of the consortium filed Corporate Insolvency Resolution Process (CIRP) with the Adjudicating Authority (AA) and proposed the name of Saket Sharma, as Interim Resolution Professional (IRP). The AA accepted the application and appointed Saket Sharma as IRP and put moratorium. The IRP constituted the Committee of Creditors (CoC) and first meeting of the CoC was called upon. The operational creditors objected about the constitution of the committee and asked the IRP to include operational creditors also in the CoC, which the IRP denied. The CoC observed that IRP is not discharging his functions properly and was reluctant in calling the expression of interest from Resolution Applicant(s), so they proposed for the change of the existing IRP and appointment of the new Resolution Professional (RP) named as Anubhav Dutt. The RP called the expression of interest from the eligible applicants and each proposal was placed before the CoC, but no consensus had arrived at. The initial period of 180 days was going to elapsed so the CoC through the RP sought extension which the Adjudicating Authority for further 90 days. The RP again called the expression of interest from other Resolution Applicants, but it was also not agreed upon by the CoC and after lapse of total 270 days, the Adjudicating Authority ordered for its liquidation and the present RP was appointed as Liquidator. The Liquidator sold off the assets of the Company and realised only ₹150 lakh, whereas the outstanding dues of the various stakeholders remained as under: Dues of ₹ in Lakhs Fee payable as Resolution Professional 10 Fee payable as Liquidator 10 Dues of the banks with interest 110 Outstanding from Operational Creditors 30 Dues of Govts. 15 Workmen's dues 10 Employee's salary 15 Equity shareholders 30 Total 230 Based on the above information, answer the following questions: Comment on the following: What would have been the position of constitution of the CoC, if some of the operational creditor had assigned their rights in favour of the financial creditor?