Singapore court sets aside June 4 order for WazirX parent’s restructuring scheme
The Singapore HC has allowed a revote to be conducted on Zettai’s amended scheme, based on arguments presented by the WazirX parent at additional hearings on July 15 and 16.
The Singapore High Court on Wednesday set aside its June 4 order with respect to Zettai’s proposed scheme of arrangement. Zettai is the parent entity of Zanmai Labs, which operates crypto exchange WazirX in India.
This development comes almost a month after the Singapore HC issued an order declining to approve the company’s proposed restructuring plan.
However, the high court had allowed the company to present further arguments in its application for the court’s sanction of the proposed restructuring plan.
The recent decision is based on arguments made during hearings on July 15 and 16.
As part of the court’s order, Zettai’s moratorium has been extended. This will allow the firm to apprise creditors of the amendments made to the scheme and carry out a revote.
“We are committed to completing this process as soon as possible and will ensure that all necessary steps are taken swiftly to bring the matter to a conclusion. We are grateful for this opportunity and thank users for their patience,” Zettai said in an official statement.
This development also comes after the company said it had taken steps to incorporate a subsidiary, Zensui Corporation, in the Republic of Panama. It was planning to transfer operations of its cryptocurrency-related services to this new subsidiary.
According to a source familiar with the matter, the company has put its plans to incorporate its Panama subsidiary on the back burner, and instead, Zanmai will take over re-distribution.
These steps are part of WazirX’s strategy to reopen its crypto exchange platform after a $234.9 million crypto heist affected its business in July last year. The company had since halted withdrawals on its platform.
(The copy was updated with more details.)
Edited by Kanishk Singh