Wazirx’s restructuring plan, Wazirx’s Wazirx restructuring plan, has struck a major problem, the Singapore High Court refusing to approve the proposed program of Crypto Exchange to reimburse creditors.
The decision effectively delays the payments that were to start in April 2025. “The Honorable High Court of Singapore made an order refusing to approve our proposed restructuring plan,” Wazirx said in an email to creditors.
“Although this result is not what we plan, we respect the court’s decision and remain fully determined to comply with all legal and regulatory processes. Our main objective remains to start distributions as soon as possible,” he said.
The court initially approved the Wazirx plan in January after the scholarship requested protection against liquidation following a devastating hack of $ 230 million by the Lazare group in North Korea.
The regime would have allowed creditors to vote on the advisability of accepting the plan, the payments promised within 10 working days of activation.
This plan also included the launch of a decentralized exchange (DEX), the publication of recovery tokens and the implementation of periodic redemptions to support liquidity.
But with the last decision of the court, the calendar for the reimbursement of creditors was again put in uncertainty. If the restructuring ultimately fails, Wazirx could face the liquidation under article 301 of the Singapore companies law, which could cause fire prices for remaining assets and lower remuneration to creditors, as indicated above.
Wazirx has faced overwhelming criticism for its slow communication and limited success in the recovery of assets, and severely limiting the possibility for users to interact with its social media accounts.
The exchange once dominated the crypto trade in India, but many are now wondering if they will see their money again.
