Of the 2,162 CIRPs initiated, 1,080 have been by operational creditors and 868 are by financial creditors
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A panel tasked with drafting a bankruptcy code for financial service providers such as banks, insurance companies and payment systems has proposed classifying companies into five categories based on their vulnerability and also suggested setting up a Resolution Corporation.The panel's report was made public on Wednesday for comments. It has also recommended that some of the bigger firms be classified as systemically important financial firms (SIFIs). "These are financial institutions whose failure might pose a risk to not just their consumers or the sector they operate in, but rather to the overall financial stability of the country itself," the panel said it in its reportIn the report, the panel said the proposed resolution corporation would contribute to the stability and resilience of the financial system by carrying out speedy and efficient resolution of financial firms in distress, providing deposit insurance to consumers of certain categories of financial services and monitoring