Singapore Court Allows WazirX Revote on Amended Restructuring Plan

Singapore’s High Court has set aside its previous order and approved a revote on an amended restructuring plan for cryptocurrency exchange WazirX, the company announced Friday.

The court decision allows Zettai Pte Ltd., WazirX’s parent company, to conduct a new vote on a modified Scheme of Arrangement following further legal arguments. The court also extended a moratorium on the company until Sept. 16.

The development marks a significant step in WazirX’s efforts to restart its platform and distribute funds to users after previous restructuring proceedings.

“The Court generally accepted our proposed amendments to the Scheme at the further arguments and now wants to confirm that creditors like you are also on board with this updated plan,” the company said in a blog post.

Next Steps Outlined

Zettai will now provide creditors with an updated restructuring scheme and explanatory statement detailing the modifications. The company plans to host a live townhall meeting to explain the changes and address creditor questions before the revote takes place.

Following the vote, an independent assessor will verify the results before Zettai applies to the court for approval of the amended scheme.

If approved by both creditors and the court, Zanmai India — Zettai’s India-incorporated subsidiary — will facilitate the first distribution to creditors within 10 business days of the scheme’s effective date.

Platform Restart Contingent on Approval

WazirX is encouraging creditors to support the amended plan, stating it would enable faster fund distribution and platform restart. The company said a favorable vote would allow the court to consider sanctioning the scheme and initiate the first distribution to creditors.

The cryptocurrency exchange has been working through restructuring proceedings as part of efforts to resume operations and return funds to users.

WazirX did not immediately respond to requests for additional comment on the timeline for the revote or specific details about the amended restructuring plan.