WazirX Creditors Greenlight Amended Restructuring—Court Approval Looms as Final Hurdle

WazirX’s creditors just blinked—and the exchange might live to fight another day.

The embattled Indian crypto platform cleared a critical hurdle as creditors approved an amended restructuring plan. Now, it’s all down to judicial rubber-stamping.

From Brink to Bailout?

Months of tense negotiations culminated in a revised scheme—details still under wraps, but enough to sway skeptical lenders. If the court nods, WazirX dodges a messy collapse that could’ve sent shockwaves through India’s crypto corridors.

Regulatory Sword Still Hanging

Even with creditor backing, the exchange isn’t out of the woods. Regulatory scrutiny in India remains tighter than a banker’s grip on a bull market. One insider quipped: 'Creditors voted yes—probably figuring 30% of something beats 100% of nothing.'

Next stop: courtroom drama. Place your bets.

Creditors Deliver Strong Support

The second round of voting on the amended scheme, held between July 30 and August 6, drew a decisive mandate. Around 95.7% of creditors by headcount and 94.6% by claim value voted in favor, comfortably above the required thresholds, as per WazirX’s blog. Out of 149,559 creditors with claims worth $206.8 million, nearly 143,190 creditors, representing $195.7 million, supported the plan.

📢 Update on Amended Scheme of Arrangement Revote

95.7% of voting Scheme Creditors supported the Amended Scheme of Arrangement. The Amended Scheme was also supported by 94.6% of associated Approved Claims. This outcome reaffirms the strong support shown in the first round of… pic.twitter.com/hVCZqRXIuZ

The approval rate also marked a small rise in participation compared to the first round held earlier this year, though the overall claim value in support has stayed largely unchanged. The updated creditor list with detailed voting breakdown has been published on the WazirX app and website.

Confirming the outcome, Alvarez & Marsal’s Joshua Taylor and Henry Anthony Chambers independently verified the results. Zettai Pte Ltd, the Singapore-based entity handling the restructuring, also filed an amended summons earlier than expected to expedite the process.

WazirX Co-Founder Nischal Shetty welcomed the vote as a turning point. Posting on X, he said, “95.7% of voting scheme creditors voted in favour of the amended scheme. The next step is to wait for the court hearing. If the scheme is approved by the court, then we can restart the platform.” He added that operations could resume within 10 working days once court approval comes through.

Users Still Locked Out After 13 Months

For users, however, the wait has already stretched into its 14th month. WazirX has been offline since July 18, 2024, when hackers drained nearly ₹2,000 crore in one of the country’s biggest crypto thefts. 

Thousands of Indian investors have been locked out of their holdings since the shutdown, making it one of the longest waits the crypto sector has witnessed.

The coming weeks will decide WazirX’s future. If the Singapore High Court clears the scheme, the exchange could finally reopen and give investors long-awaited access to their funds. Until then, its revival and any hope of reclaiming its place in India’s crypto market hinge squarely on the court’s ruling.

Also Read: Delhi HC Asks WazirX Operator Zettai to Submit Binance Agreement