If a financial creditor transfers or assigns its debt to any other person before commencement of CIRP, the latter can be a member of the CoC. However, if a financial creditor transfers or assigns its debt to any other person after commencement of CIRP, the latter cannot be a member of the CoC.
If a creditor transfers or assigns its debt to any other person during CIRP, both parties are obligated to inform the resolution professional of such a transfer. And the CoC is thereafter informed about the resultant change in its membership. There is no bar in change in membership irrespective of when the transfer or assignment of debt takes place. See, Regulation 28 of the CIRP Regulations 2016.