Briefly explain the process of initiation of corporate insolvency resolution process by operational creditors under the Insolvency and Bankruptcy Code, 2016.

The process of initiation of Corporate Insolvency Resolution Process (CIRP) by operational creditors under the Insolvency and Bankruptcy Code, 2016 (IBC) is as follows: 1. Demand notice or copy of invoice demanding payment of the debt: Section 8 of the Insolvency and Bankruptcy Code 2016 (IBC) provides that in case of a default, the operational creditor has to deliver a demand notice or a copy of an invoice demanding payment of the debt in default to the corporate debtor. 2. Application by operational creditor before NCLT: Section 9(1) of the Code provides that if the operational creditor does not receive either the payment of the debt or a notice of existence of dispute in relation to the debt claim from the corporate debtor within a period of ten days from the date of receipt of the invoice or demand notice under section 8, he can file an application with the National Company Law Tribunal for initiating the insolvency resolution process in accordance with section 9 of the Code. 3. Admission / Rejection of application: The National Company Law Tribunal shall admit or reject the application and communicate such decision to the operational creditor and the corporate debtor within fourteen days of the receipt of such application. However, before rejecting the application, an opportunity shall be given to the applicant to rectify the defect within seven days of receipt of rejection.