The Singapore High Court has reversed its earlier ruling, paving the way for a WazirX revote that could lead to user crypto distribution.
WazirX has been planning a restructure through its parent company Zettai PTE LTD and during a vote, the proposal ended up finding overwhelming support from the creditors. The Singapore High Court rejected the plan during a hearing on June 4th, however, citing concerns over regulatory compliance with Singapore’s Financial Services and Markets Act (FSMA) and the involvement of Panama-based entity Zensui in the distribution process.
The company amended the proposal and returned to court again. After the latest hearing, the Singapore High Court has now given its greenlight on the updated plan and allow the exchange to conduct a fast-tracked revote with its creditors.
Zanmai Labs is the Indian entity behind WazirX that manages the Indian Rupee (INR) component of the platform. Zettai, on the other hand, was the one looking after the crypto side of things, which is why the firm has been at the center of the legal proceedings.
The data of the vote will be announced soon, according to Shetty. “If the amended scheme is approved by the requisite majority of creditors and sanctioned by the court, it is contemplated that the WazirX platform will reopen,” said WazirX in the announcement.
It now remains to be seen how things will develop from here and whether the platform’s users who have been waiting for their crypto for over a year will finally get it back.
At the time of writing, Bitcoin is trading around $119,300, up over 8% in the last week.
