WazirX awaits court greenlight as 95% of creditors approve restructuring plan

WazirX restructuring plans got a 95.7% creditor approval following a successful revote on the Amended Scheme of Arrangement.

Out of 149,559 participating creditors holding $206.9 million in claims, 143,190 voted in favor. The plan now awaits Singapore Court sanction before WazirX can restart operations within 10 business days of scheme effectiveness.

Creditor voting results exceed statutory requirements by wide margin

The revote conducted between July 30 and August 6, 2025, was received warmly by WazirX creditors across all geographies. 149,559 scheme creditors voted, and 206.89 million approved claims.

The 143,190 voting creditors have ratified claims of $195.75 million, a 95.7% approval by number. Approval by value was 94.6% by the voting creditors during the revote period. The figures indicate a 2.7% increase in creditor approval and below a 0.1% increase in approval by value over the previous vote.

A majority by number and at least 75% by total amount of claims are required per Section 210 (3AB) of the Singapore Companies Act. On July 18, 2024, all WazirX users with a net positive cryptocurrency balance were entitled to vote as scheme creditors.

Independent verification process ensures transparency and integrity

Once voting had concluded, Zettai had all votes documented to be verified by an independent assessor for maximum transparency. Alvarez & Marsal’s Joshua Taylor and Henry Anthony Chambers served as the independent assessors during this verification process.

The Independent Assessor scrutinized all the cast and submitted votes comprehensively before releasing an official verification report. The report was delivered to Zettai and the Scheme Manager to verify the results of the vote and outcome.

Recovery distribution would be undertaken by Zanmai India with oversight by the Financial Intelligence Unit, subject to court approval.

Singapore Court sanction required before WazirX resumes

Zettai will soon submit a request to the Singapore Court to have the creditor-approved Amended Scheme sanctioned. The court action comes after independent assessors successfully verified the election results. Zettai will provide copies of the legal documents to all plan creditors as soon as the Singapore Court accepts the filing.

Court sanction is a judicial review process of the restructuring plan to ensure that it is fair and legal. Singapore Courts will examine the voting result, creditor protection, and proposed recovery mechanisms for sanctions.

WazirX CEO Nischal Shetty guaranteed operations will resume within 10 business days after the scheme takes effect. The timeframe gives the exchange ample time to implement required systems and procedures for fund recovery distribution.

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