"The procedure for application to initiate Insolvency Resolution Process against a Corporate Debtor by operational creditor differs with application by financial creditors." Explain briefly.

Financial Creditor (FC): Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) enables a Financial Creditor (FC) either alone or jointly with any other FC to file an application for initiating Corporate Insolvency Resolution Process (CIRP). For an FC, proposing the name of a Resolution Professional is mandatory. Operational Creditor (OC): An Operational Creditor (OC) may file an application for CIRP only after serving a 10 days' notice of demand under Section 8 of IBC and can then apply for CIRP under Section 9. For an OC, proposing the name of a Resolution Professional is optional. Default vs. Dispute: Existence of default is required in the case of a Financial Creditor. In the case of an Operational Creditor, the non-existence of a dispute regarding the debt is necessary for the application to be admitted. If a dispute exists, the application may be rejected.