Breaking: WazirX Creditors Forced to Revote on Amended Recovery Plan After Singapore Court Intervenes
Singapore's commercial court just dropped a hammer on WazirX's restructuring saga—creditors must now redo their vote on the amended scheme. Here's why it matters.
When exchanges stumble, the legal dominoes fall hard. WazirX's latest courtroom drama proves crypto's 'decentralized' ethos still bows to traditional finance's rulebooks.
The revote could make or break user recoveries—but let's be real, when has creditor democracy ever worked out for the little guy? Another day, another crypto firm learning the hard way that offshore incorporation doesn't mean escaping regulation.
- WazirX creditors will revote on an amended scheme from July 30 to August 6, 2025.
- Zanmai Labs will manage token distribution if the Singapore court approves the revised plan.
- Creditors must cast fresh votes as previous ones are invalid under the new scheme.
WazirX creditors are set to participate in a court-ordered revote beginning July 30, 2025, following the Singapore High Court’s decision to reopen voting on an amended Scheme of Arrangement. The revote comes after regulatory changes in Singapore prompted adjustments to the original plan. If approved, the updated scheme will enable token distribution to creditors within 10 business days of court sanction, with key operational responsibilities shifting to an India-based entity.
Everything You Need to Know About the Revote
To help you make an informed decision, we have put together a detailed blog that covers the following:
» Why is the revote happening
» What’s changed in the Amended Scheme
» When will you get access to tokens
» Why you should… pic.twitter.com/buh7sYJNnZ
The revote was initiated after the Singapore High Court overturned its June 4 order and agreed to review an amended scheme proposed by Zettai Pte Ltd, the parent company of WazirX. The revision was prompted by new provisions under Singapore’s Financial Services and Markets Act 2022, which took effect on June 30. These provisions introduced a licensing framework for digital token service providers operating outside Singapore.
Zettai had initially assessed that the changes WOULD not affect the scheme. However, in light of legal uncertainty, the company modified its proposal to involve Zanmai Labs Private Limited, its India-based subsidiary, in managing token distribution and operations. The Court accepted these adjustments and ordered a fresh vote to confirm creditor support.
Voting Timeline and Token Distribution Process
The revoting period will begin at 7:30 PM IST on July 30 and end at 7:30 PM IST on August 6. A town hall webinar, scheduled for 5:30 PM IST on July 30, will address creditor queries and outline the revised terms.
Once the voting period closes, an Independent Assessor will verify the results. Zettai and the appointed scheme manager will submit these results to the Singapore High Court. If the court sanctions the amended scheme, Zanmai Labs will facilitate access to tokens for creditors within 10 business days of the scheme’s effective date.
Updated Responsibilities and Unchanged Benefits
A primary revision in the amended scheme is the transfer of operational responsibility from Zettai to Zanmai Labs. Once the court approves the plan, the India-based subsidiary will oversee token access and platform operations.
The creditors will continue to get all tokens listed at the Rebalanced NLPA page. The other rights, e.g., share in future platform income, recoups of stolen or illiquid assets, and potential market reward, are not affected.
Required Documents and Voting Validity
Creditors are encouraged to go through the new documents prior to voting. These entail Notice of Revote, the Amended Scheme of Arrangement, the Explanatory Statement Addendum and the original Explanatory Statement.
Each creditor will be required to vote once more in the new voting window and older votes will not be taken into consideration. The result of the revote will define actions of the court next, which could be another hearing.
