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of <h1>Regulation 16 mandates forming a creditors' committee for corporate debtors without financial debt or with related-party creditors.</h1> In cases where a corporate debtor has no financial debt or all financial creditors are related parties, a committee of creditors must be established under Regulation 16 of the Insolvency and Bankruptcy Board of India (Fast Track Insolvency Resolution Process for Corporate Persons) Regulations, 2017. This committee comprises the eighteen largest operational creditors by value, or all operational creditors if fewer than eighteen exist, along with one representative each for workmen and employees not included among the operational creditors. Each member's voting rights are proportional to their debt relative to the total debt, and the committee holds the same rights and obligations as one with financial creditors.
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