Singapore Court Allows Zettai Revote on WazirX Scheme

The Singapore High Court has granted Zettai Pte Ltd permission to hold a new vote on its amended Scheme of Arrangement, allowing creditors another opportunity to decide on the future of the WazirX crypto platform. This decision overturns an earlier court ruling from June 4, 2025, and extends the moratorium on Zettai's operations until September 16, 2025. The court's ruling is a significant step in the efforts to revive WazirX and distribute funds to creditors.

Zettai is now focused on the next steps, which include sharing a revised Scheme of Arrangement with creditors. This revised scheme will supplement the Explanatory Statement, providing creditors with detailed information about the changes and new proposals. Following this, Zettai will conduct a live townhall meeting with creditors to discuss the modified Scheme, answer questions, and explain how the plan aims to accelerate distributions and revive the platform.

After the townhall, creditors will vote on the modified Scheme. Zettai hopes that the plan will be accepted by the creditors once again. A positive vote would enable Zettai to advance certain funding quicker and restore the platform into operation. Following the voting, an Independent Assessor will verify all votes, and the outcomes will be directed to Zettai and the Scheme Manager. Zettai will then seek the High Court's leave to ratify the altered Scheme, with the court having the discretion to conduct a final hearing.

If the court gives its final approval, the initial payments to creditors will be carried out by Zettai's Indian arm, Zanmai India, within ten business days after the new Scheme comes into effect. This revote is crucial as it affirms that creditors accept the new plan, ensuring that there is concurrence between the changes proposed by Zettai and the creditors' approval. An effective vote will enable Zettai to relaunch WazirX in an orderly and equitable manner, providing creditors with the optimism that their funds will be retrieved and that the platform can be resurrected.

Zettai is optimistic that creditors will be supportive once more. In case the vote is approved, it will pave the way for the final decision of the court and the resumption of trading on the WazirX platform. This would bring relief to users who have been waiting to recover their funds as the platform goes back online. The bailout strategy has provided creditors with hope that their money will be retrieved and that WazirX can be revived rather than being shut down permanently. The new Scheme entails an equitable schedule of payout and the gradual reopening of the platform, marking a significant development in the restructuring process.