During the third town hall meeting on October 4, Nischal Shetty, founder of WazirX, refuted a creditor’s request to choose ‘only one’ Committee of Creditors (COC) member of their choice.
The meeting was primarily focused on the formation of the Committee of Creditors (COC) after a Singapore court approved a 4-month moratorium on September 24. This committee will allow 10 elected creditors to interact with the WazirX team and provide feedback related to the restructuring process.
During the Q&A session in the meeting, One creditor requested Nischal Shetty to allow them to choose only one member of the COC through voting. He raised concerns about WazirX’s selection process, stating that the selected candidate might not be able to interact efficiently to resolve issues or represent all creditors. He suggested several well-known figures in the Indian crypto space, including Sonu Bhai (Sonu Jain) and Addy Bhai (Aditya Singh).
In response, Nischal Shetty explained that there are 4.8 million creditors, and WazirX cannot cater to the request of a single person. He also noted that following such a process could delay the formation of the COC as it requires another separate selection process.
However, Nischal Shetty assured that he would consider this feedback for future processes and ensure that they are conducted fairly. His priority is to form the COC as quickly as possible.
A slide presented during the town hall stated: ‘A COC plays a crucial consultative role in any restructuring proceeding to facilitate the exchange of ideas from a large creditor base with the company and its advisors.’
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