As an Interim Resolution Professional (IRP) how could you constitute the Committee of Creditors of a Corporate Debtor (CD) having only operational creditors or all financial creditors, who submitted their claims, are fou

Regulation 16 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations deals with the situation where the Corporate Debtor (CD) has either no financial debt or all financial creditors, who submitted their claims, are found to be related parties of the CD. In such a scenario, the Committee of Creditors (CoC) shall be formed consisting of the following members: Eighteen largest operational creditors by value: Provided that if the number of operational creditors is less than eighteen, the committee shall include all such operational creditors. One representative elected by all workmen other than those who are also employees. One representative elected by all employees. A member of the committee formed under this Regulation shall have voting rights in proportion to the debt due to such creditor or debt represented by such representative, as the case may be, to the total debt. A committee formed and its members shall have the same rights, powers, duties and obligations as a committee comprising financial creditors and its members, as the case may be.