Once a CIRP application is admitted by the NCLT, it has an erga omnes effect. This statement means:

CIRP will now be binding on all financial creditors of the corporate debtor and not just the original litigants
CIRP will now be binding on all stakeholders of the corporate debtor and not just the original litigants
CIRP will now be binding on all financial creditors and operational creditors of the corporate debtor and not just the original litigants
CIRP will now be binding on all stakeholders of the corporate debtor except the Union Government and the State Government