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India-based cryptocurrency exchange WazirX has reached a significant milestone following a cybersecurity attack last year. The company has officially entered a debt restructuring process aimed at addressing user grievances. The restructuring plan, prepared by its parent company Zettai Pte Ltd, has been submitted to the Singapore High Court, initiating the legal proceedings. The comprehensive plan, which has garnered wide support, includes a gradual return of user funds.
Strong Support from Creditors
A voting process was conducted through Kroll Issuer Services from March 19 to March 28 to evaluate the feasibility of the restructuring plan. A total of 141,476 creditors participated in the vote, with 93.1% casting positive votes. In terms of financial magnitude, this support rate reached 94.6%, highlighting the creditors’ confidence in the process.
As a result of this voting, WazirX’s restructuring plan received approval not only from users but also from all parties with financial obligations. Officials regard this level of endorsement as a crucial foundation for rebuilding user trust.
Zettai Pte Ltd is now focused on the Singapore High Court. The company’s goal is to ensure clarity in the legal process with court approval. Once this step is completed, the first official transactions for returning user funds will commence.
Timeline for Fund Returns Becomes Clear
According to the restructuring plan, initial payments are expected once approval from the Singapore court is obtained. In the first phase, refunds to user accounts are anticipated within 10 business days following the completion of legal procedures. The fund distribution will be conducted gradually and transparently under the guidance of regulatory authorities.
WazirX officials stated they will conduct a comprehensive informational campaign to minimize user grievances. Every update will be announced through official channels. The company aims to re-establish an atmosphere of trust in the cryptocurrency market.
Co-founder Nischal Shetty emphasized, “The strong vote of confidence we received is a clear indication of faith in our plan,” affirming their commitment to progress with all stakeholders. Throughout this process, strict adherence to regulatory standards and legal procedures will be observed.
The restructuring file prepared by WazirX will be meticulously examined for compliance with Singaporean legislation. The court’s decision will not only impact fund returns but will also lay the groundwork for the company’s future operations. Therefore, each stage of this process is being closely monitored both legally and publicly.
