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Important distinctions between financial and operational creditors
Anyone who owes a financial debt is a financial creditor, whereas anyone who owes an operational debt is an operational creditor.
Debt to financial creditors refers to a debt that is distributed against the consideration for the time value of money, whereas debt to operational creditors refers to a demand for the supply of products and services in exchange for the repayment of government dues.
In the event of a default, a financial creditor may jointly or separately with other financial creditors file an application for the initiation of a resolution process against a corporate debtor before an adjudicating officer, while an operational creditor may deliver a demand notice of unpaid operational debtor copy for invoice requesting payment of the amount involved in the default. The operational creditor may make an application at a later date.
A financial creditor may include the name of a suggested resolution professional in the application for an interim resolution professional appointment, but an operational creditor must recommend a resolution professional for an interim resolution professional appointment.
Only financial creditors and corporate debt creditors will be represented on the creditor's committee. Members of the creditor's committee will not be operational creditors. The operational creditors have really no voting rights at the committees of creditors' conferences.
Priority is given to Financial Creditor
Financial creditors are given higher priority since they are members of the creditor's committee and have voting power, whereas operational creditors are not members of the creditor's committee. Because the statute's provisions protect the rights and interests of Financial Creditors, some categories of operational creditors experience prejudice. This is backed by the fact that when the application is filed by operational creditors, the respective class has no authority to make any proposals during the creditor's committee meeting.


To know more visit https://muds.co.in/financial-creditor-an...s%20transaction.

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