WazirX Reports on Current Restructuring Process, Creditor Support Vital

Crypto exchange WazirX, one of the most famous among Indian crypto exchanges, has reported crucial data on the current restructuring process via

Crypto exchange WazirX, among the most prominent Indian crypto exchanges, has reportedly shared crucial details about the ongoing restructuring process through an email to its users.

The email provides further updates on the actions being taken by the team for the restructuring process. A session on the Moratorium Application is set to take place on September 25, 2024, at 8:00 AM IST. The meeting for the hearing will be hosted on the Zoom platform and the exchange has urged creditors to complete their registration and confirm their attendance through the WazirX application.

Creditor Support Crucial for Restructuring

While the Singapore High Court is yet to rule on the cramdown proposal, a fresh poll for creditors on the restructuring scheme has been released by WazirX. Applicants are also required to confirm the date on which they received a copy of the Moratorium Application and tick whether they are in support of it, against it or have no objection to it.

Participation has been highlighted by WazirX as it directly impacts the decision-making in the case. The survey will be open till September 21, 2024.

Second WazirX Townhall Meeting

A second townhall meeting is set to be hosted by WazirX on September 16. During the session, the exchange will provide a detailed overview of the draft restructuring proposal that will be put forth by them. Creditors will be given the opportunity to ask questions, which will be particularly catered to for those creditors who fill out a Google Form that will be made available, indicating the questions they wish to ask.

The event will be streamed on YouTube and creditors will be able to ask questions and participate in the Q&A session. Lastly, WazirX has asserted that all users’ crypto and fiat balances remain safe, emphasizing that the ongoing process aims to ensure a fair legal solution for all parties involved.