In the instant case, entire CIRP proceedings were conducted & completed even without any valuation of the Corporate Debtor. The IRP has constituted the CoC even without admitting the claims, formed based on claims submitted. No Information Memorandum was prepared, and the decision to liquidate the Corporate Debtor was taken. There was no publication of Form G for inviting expression of interest. NCLAT set aside liquidation order and held that CIRP regulations are exhaustive and include a provision to deal with all the eventualities that may arise in the conduct of the CIRP. Section 21(1) imposes a precondition for the collation of all claims received to determine the financial position of a Corporate Debtor. The word ‘collation’ used in sub-section 21(1) means verification of claims. The literal meaning of the word ‘collation’ is the comparison of a copy with its original to ascertain its correctness. Under Regulation 12(3) of CIRP Regulations, the IRP/RP has no discretionary power to constitute the CoC without admission of a claim. Without verification and admission of a claim, the IRP cannot assign the voting share to a creditor, and without that, there cannot be a meeting of the CoC. When the Constitution of the CoC itself is found to be tainted, then the decision of that CoC cannot be validated on the pretext of exercise of commercial wisdom.