Zettai Seeks Court Approval for WazirX Creditors Recovery Plan

Zettai Pte Ltd has approached the Singapore High Court for approval to present a comprehensive restructuring plan aimed at recovering over USD 230 million stolen from its cryptocurrency exchange, WazirX. The scheme seeks to provide quick and fair recoveries for unsecured creditors and stabilize the platform.

Zettai Pte Ltd has taken a significant legal step by filing an application with the Singapore High Court on December 6, 2024. The company seeks court approval to convene a meeting with its creditors to present a comprehensive restructuring plan. This initiative aims to recover over USD 230 million of assets stolen from its cryptocurrency exchange platform, WazirX, and provide users, who are unsecured creditors, with quick and fair returns.

The proposed scheme is designed to enhance transparency, rebuild trust, and stabilize operations at WazirX, as emphasized by its founder, Nischal Shetty. He urged the creditors to support this plan to facilitate timely distributions and restore operational stability, highlighting the company's commitment to promptly resolving creditor claims.

If sanctioned by the Singapore High Court and approved by the requisite majority of creditors, the scheme will enable initial payments within 10 business days of its activation. It intends to disburse liquid funds proportionately to creditors, potentially benefiting them from the ongoing upswing in the cryptocurrency market.

(With inputs from agencies.)