Where a corporate debtor does not have any financial creditors, the CoC cannot be formed. And all commercial decisions relating to CIRP of corporate debtor are taken by the NCLT.
Regulation 16 of the CIRP Regulations, 2016 envisages such a situation. And clarifies that the CoC – of operational creditors - formed under this Regulation shall have the same rights, powers, duties and authority as the CoC comprising of financial creditors.