WazirX Granted Conditional, Four-Month Moratorium By Singapore Courts
WazirX has committed to providing regular updates on their progress and any further developments
The Singapore courts have granted WazirX a four-month moratorium, affirming the company's compliance with the legal and procedural requirements under Section 64 of the Insolvency, Restructuring and Dissolution Act (IRDA).
The court noted that WazirX has actively engaged with creditors from the outset of the proceedings. Acknowledging the company's prompt filing for the moratorium, the court emphasised that this action paves the way for a fast, creditor-approved, and legally binding resolution to restore crypto balances, ensuring a fair and timely outcome for all involved.
As part of the court's conditions, WazirX is required to make wallet addresses public through a court affidavit, respond to user queries raised in the courtroom, release financial information, and ensure future voting for court applications is scrutinised by independent parties.
The court recognised WazirX’s proactive steps and dedication to formulating a quick and effective scheme of arrangement. The company is working diligently with advisors and stakeholders to develop a comprehensive plan addressing the needs of all parties involved. WazirX expressed appreciation for the court's trust and confidence in their actions.
"We are thankful for the court’s decision, which allows us to focus on our path to resolution, recovery and restructuring," said Nischal Shetty, Founder of WazirX. "Our immediate filing for the moratorium was a decisive step taken to ensure the fastest, fairest, creditor-approved, legally binding path to resolution where creditors have a token choice and potential upside in a bull run."
WazirX has committed to providing regular updates on their progress and any further developments. "We are steadfast in our commitment to resolve this matter efficiently and equitably," the company stated.
