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Indian crypto exchange Wazirx is moving closer to a full relaunch after securing strong creditor backing and awaiting final court approval to implement its restructuring plan.
Wazirx Eyes Platform Restart as Court Sanction Becomes Final Missing Piece
Indian crypto exchange Wazirx announced on Aug. 18 that 95.7% of voting creditors approved its amended restructuring plan, clearing a major step toward the platform’s relaunch following a security breach. The vote, organized by parent company Zettai Pte Ltd., was held through Kroll Issuer Services from July 30 to Aug. 6 and was open only to account holders with positive balances as of July 18, 2024. In total, 149,559 creditors holding $206.9 million in approved claims participated. The scheme proposes distributing recoveries through Zanmai India, which operates under India’s Financial Intelligence Unit, with the aim of ensuring transparency and compliance.
The renewed vote followed a July ruling by the Singapore High Court, which extended Wazirx’s moratorium and overturned an earlier rejection of the restructuring framework. Of the total participants, 143,190 creditors representing $195.7 million supported the plan, surpassing statutory requirements under Section 210(3AB) of the Singapore Companies Act 1967. Wazirx emphasized the outcome on social media platform X:
95.7% of voting Scheme Creditors supported the Amended Scheme of Arrangement … This outcome reaffirms the strong support shown in the first round of voting and reflects our community’s continued confidence in the restructuring plan.
Independent assessors Joshua Taylor and Henry Anthony Chambers of Alvarez & Marsal verified the results, and creditors received formal notice via email. Zettai has since filed an amended summons in HC/SUM 940/2025 with the Singapore Court seeking sanction.
Founder Nischal Shetty reinforced the progress both in official statements and on social media platform X. “95.7% of voting scheme creditors voted in favour of the amended scheme,” he noted, further stating:
Next step is to wait for the court hearing. If the scheme is approved by the court then we can restart the platform.
Should the Singapore Court approve the plan, Wazirx expects to resume operations and begin distributions within 10 business days, marking a swift comeback after months of uncertainty for users.
