During the third meeting on October 4, WazirX founder Nischal Shetty rejected a creditor's request to choose only one member of the Committee of Creditors (COC).
The meeting was dedicated to the formation of the Committee of Creditors after a Singapore court approved a four-month moratorium on September 24. The Committee will allow ten selected creditors to interact with the WazirX team and provide recommendations on the restructuring process.
One of the creditors proposed electing only one representative to the COC through voting, expressing concern about the current selection process. Among the proposed candidates were well-known figures in the Indian crypto industry, such as Sonu Jain and Aditya Singh.
In response, Shetty stated that with 4.8 million creditors, it is impossible to consider each proposal individually. He emphasized that implementing such a mechanism could significantly delay the formation of the COC. However, he assured that this comment would be taken into account for future procedures, and his priority remains the quickest possible formation of the committee.
