- Singapore court approves revote on WazirX’s amended creditor Scheme of Arrangement.
- Townhall and updated documents to guide creditors ahead of upcoming vote announcement.
- First fund distribution to follow court sanction if amended Scheme gains creditor approval.
The Singapore High Court has approved a revote on Zettai Pte Ltd’s amended Scheme of Arrangement, allowing creditors another opportunity to decide on the future of the WazirX crypto platform. The court’s decision, delivered under HC/SUM 940/2025, reverses its earlier June 4, 2025 order and extends Zettai’s moratorium until September 16, 2025. This ruling enables the company to proceed with a structured process aimed at platform reactivation and creditor fund distribution.
Following additional legal arguments presented by Zettai, the High Court agreed to set aside the previous order and allow a fresh vote based on an updated Scheme. This change is expected to influence the restart of WazirX operations, depending on creditor approval and subsequent court sanctioning.
Zettai is required to issue the amended Scheme of Arrangement along with an explanatory addendum. These documents will clarify the proposed changes and inform creditors of the implications tied to the updated plan. The new materials are intended to ensure transparency before the vote.
Townhall to Precede Voting Phase
As part of its obligations, Zettai will organize a Townhall meeting to explain the amended Scheme. The live session will be held prior to the revote and will offer creditors the opportunity to ask questions and understand the restructuring terms. While the exact voting dates have not yet been released, Zettai has confirmed that they will be announced in the coming week.
This vote is a necessary step in confirming whether creditors accept the revised plan. The amended Scheme will only proceed if it secures the required level of approval from participating creditors.
Verification and Legal Filing to Follow Vote
Once the voting window closes, an Independent Assessor will validate the votes. The results will then be shared with Zettai and the Scheme Manager. After the verification process, Zettai will submit an application to the Singapore High Court for final sanctioning of the amended Scheme. Depending on the vote outcome and assessor report, the court may conduct an additional hearing to issue directions or confirm approval.
Provided the court approves, and the Scheme takes effect, the first round of creditor distributions will be done through the Indian subsidiary of Zakka Zettai India (also known as Zanmai India). Based on the existing scheme, these payments will occur within 10 business days of the date on which the Scheme takes effect.
The approval of the amendments by the court is a positive development on the restructuring process. Now the revote will serve as the last event before ascertaining the support that will be given to the creditor by the proposed changes to have a gradual operation and settlement of funds.
