WazirX Reveals Next Steps by Singapore High Court: Check Key Dates

By
Kritika Mehta
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WazirX Reveals Next Steps by Singapore High Court Check Key Dates

What to Know

  • WazirX recently laid out the next steps directed by the Singapore High Court.
  • The important dates included September 19 through September 26, 2025.
  • Previously, the exchange announced that in the new scheme, the creditors will get recovery assets through Zanmai India.

WazirX, an Indian crypto exchange, has made some new announcements to users. The exchange explained the next steps of the procedure, under the instructions of the Singapore High Court. The revision is part of the restructuring process under its parent company, Zettai Pte Ltd., which is applying to get its amended scheme of arrangement approved by the company.

WazirX Unveils Next Steps Directed by Court

The exchange announced in a statement on X that the High Court of Singapore had issued particular directions on the filing of expert affidavits on Indian law by some of the creditors that objected to the restructuring plan. According to WazirX, these creditors (also known as “Relevant Non-Parties”) had already submitted documents that failed to conform to the prior requirements of the court.

“The Court has issued further directions for the Relevant Non-Parties to file a replacement affidavit,” the company said. The new deadline has been established, and the first deadline will be on September 19, 2025, at 12:00 p.m. SGT (9:30 a.m. IST).

In case the opposing creditors file their corrected affidavit before the stipulated time, then Zettai will have to respond. The exchange clarified that its parent organization will have to submit an affidavit on the expertise in Indian law by September 22, 2025, 2:00 p.m. SGT (11:30 a.m. IST). This is to be followed by lodging of both sides of the case: the Relevant Non-Parties and Zetta by September 26, 2025.

The court has not yet appointed a new hearing date. WazirX pointed out that such instructions are relevant only to opposing creditors, as well as to Zettai itself; that is, ordinary users of the site don’t have to do anything. “The directions above only concern the Relevant Non-Parties and Zettai. No action on the part of the other WazirX users is required,” the statement noted.

The update is another phase in a long legal battle that has caused the WazirX users and creditors to wait for the platform to be relaunched. The company expressed this disappointment when it said, “We understand the community’s eagerness for the platform restart, and we remain committed to keeping you updated at every step.”

This is the new development in one month after Zettai said that creditors provided their support to its new restructuring plan. The company reported that over 149,000 scheme creditors voted in a new round between July 30 and August 6. These creditors in total caused about $206.9 million worth of claims. Out of that total, about 95.7%, equivalent to 143,000 creditors holding $195.7 million in claims, supported the proposal.

The second similar vote was in 2025. Creditors had granted a prior version of the scheme previously in March, but the High Court failed to sanction it. This compelled Zettai to revise its plan and turn back to creditors to have a new vote.

About New Recovery Scene

In the new scheme, the creditors are supposed to be recovered through Zanmai India, which is registered with the Financial Intelligence Unit of India. WazirX had announced last month, “Under the amended scheme, the distribution of recoveries to scheme creditors will be managed through Zanmai India.”

Regarding the challenges during the year, Nischal Shetty, the co-founder of WazirX, commented in August: “This has been an incredibly challenging year for all of us, and we are deeply grateful for the unwavering trust and support we’ve received throughout this journey.”

He further assured creditors that business would be brought back to normal soon when the court relinquishes its approval. Shetty said that the exchange will resume business again “within 10 business days of the scheme taking effect.”

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