XY Tractors Ltd is undergoing Corporate Insolvency Resolution Process. The Corporate Debtor does not have any financial creditors. Help the Interim Resolution Professional in constituting the committee of Creditors.

The Interim Resolution Professional needs to refer to Regulation 16 of Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 that deals with situations where either the corporate debtor has no financial debt or where all financial creditors are related parties of the corporate debtor. Accordingly, in the present case, Committee of Creditors consists of maximum eighteen largest operational creditors in order of value, one each representing workers and employees. Each member of the committee shall have voting share in proportion to the debt due either as creditor or representative for whom they represent to the total debt as explained. The committee formed and its members shall have same right, power, duties and obligations as a committee comprising of financial creditors and its members as the case may be.