Here's how the Committee of Creditors (COC) will be fairly formed to represent creditors' interests in the restructuring process.

📢 Third Townhall Announcement

Join us to learn about the formation of the Committee of Creditors (COC) and its roles and responsibilities in the restructuring process.

🗓️ 4th October 2024 at 1:30 PM IST
🕜 Set a reminder 👉 https://www.youtube.com/live/CzOm_nM3UeY?si=svI5aOipCvggBl9k

📢 Formation of Committee of Creditors (COC)

We're in the process of forming a Committee of Creditors (COC) to represent creditors' interests in the proposed restructuring of Zettai Pte Ltd. The COC will play a critical role in providing feedback, monitoring progress, and facilitating communication between creditors and the company.

Here are answers to a few key questions:

1. What is the COC's purpose?
   The COC will represent creditors and act as a consultative body to provide feedback on the restructuring process.

2. How will COC members be selected?
   COC members will be chosen based on a transparent selection process, ensuring fair representation across creditor pools.

3. What are the roles and responsibilities of COC members?
   COC members will represent all creditors, attend meetings, and provide input on creditor preferences, progress, and restructuring.

For full details on the COC formation process, please read the blog 👉 https://wazirx.com/blog/announcement-formation-of-a-committee-of-creditors/

📢 WazirX Granted Four-Month Moratorium by Singapore Courts

In a crucial decision, the Singapore courts have granted WazirX a four-month moratorium, affirming the company's compliance with the legal and procedural requirements under Section 64 of the IRDA. This decisive court ruling highlights WazirX's commitment to act swiftly and responsibly in the interests of all stakeholders.

The court noted that from the onset of the proceedings, WazirX has actively engaged with creditors. The court acknowledged WazirX’s prompt response in filing for the moratorium. This action paves the way for the fastest, creditor-approved, and legally binding resolution to restore crypto balances, ensuring a fair and timely outcome for all stakeholders.

As part of the court's conditions, WazirX will make wallet addresses public via a court affidavit, respond to user queries raised in the courtroom, release financial information, and ensure future voting for court applications is scrutinized by independent parties.

The court has recognized WazirX’s proactive steps and our dedication to formulating a quick and effective scheme of arrangement. We are working diligently with our advisors and stakeholders to develop a comprehensive plan that addresses the needs of parties involved. WazirX appreciates the court's trust and confidence in our actions.

WazirX will continue to provide updates on our progress and further developments. We are steadfast in our commitment to resolve this matter efficiently and equitably 🙏