WazirX Restructuring Plan Gets 95% Creditor Approval, Court Ruling Awaited

Highlights:

• 95.7% of creditors approved the WazirX restructuring plan.
• Operations could resume within 10 working days of court approval.
• $230 million was lost in the July 2024 WazirX cyberattack.

WazirX, the once-largest crypto exchange in India, has made an important step toward resuming its operations after being supported by the majority of creditors. In a second vote held July 30-August 6, 95.7% of votes by headcount and 94.6% by claim value of creditors approved the WazirX restructuring plan, which had previously been challenged in court.

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Since July 2024, the exchange has been in an offline state. More than 149,000 users were locked out of their funds in a ₹2,000 crore ($230 million) hack that disrupted its platform. The hack, which was allegedly conducted by the Lazarus Group, highlighted the serious issues in the security system of WazirX. Subsequently, its parent company, based in Singapore, Zettai Pte Ltd, sought restructuring protection and received a temporary court moratorium to prepare a recovery 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

— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) August 18, 2025

Court Approval Now the Final Step in WazirX Restructuring Plan

WazirX was given an opportunity to introduce a second recovery plan in July 2025. This was after the court dismissed its initial recovery plan in late 2024. A new vote on a revised proposal was ordered by the Singapore High Court. The court based its judgment on improved transparency and fairness. This second vote is now a precedent of support in favor of the WazirX restructuring plan. Independent assessors from Alvarez & Marsal have since validated it.

Zettai Pte Ltd has already provided an amended summons (HC/SUM 940/2025) to the Singapore High Court demanding official sanction of the new plan. Co-founder Nischal Shetty confirmed the vote outcome on X by saying, “95.7% of the voting scheme creditors voted in support of the amended scheme. The next thing is to await the court hearing. Once the court approves, operations may resume.”

95.7% of voting scheme creditors voted in favour of the amended scheme. Next step is to wait for the court hearing. If the scheme is approved by the court then we can restart the platform. https://t.co/PG2wfAkskU

— Nischal (Shardeum) 🔼 (@NischalShetty) August 18, 2025

Under the revised plan, user funds will be compensated through Zanmai India. The platform is registered through the Financial Intelligence Unit of India to guarantee compliance with the national financial regulations. The plan also guarantees accelerated access to funds compared to liquidation. The company had warned that payouts could be delayed up to three to five years.

Investors Still Waiting as Legal Disputes Continue

Although the vote was positive, there are still tensions among users who have waited over 13 months to access their holdings. Others have raised concerns that the restructuring plan of WazirX will undervalue their assets by implementing prices as of late July 2024. At that time, the market was down over 50%. The exchange has also been accused by some of prioritizing its legal strategy and future work ahead of user compensation.

Meanwhile, legal scrutiny has increased. On August 5, 2025, the Delhi High Court required WazirX to produce original documents of acquisition with regard to its controversial connection with Binance. The court also requested Indian regulators, like SEBI and the RBI, to explain their oversight position. The next significant hearing in India will be on August 26, 2025. They are expected to discuss broader issues of accountability and recovery of funds.

The overwhelming support of creditors now places the final decision in the hands of the Singapore High Court. If the court gives the scheme approval, WazirX will resume operations swiftly and start distributing assets. That would also end an era of uncertainty for thousands of Indian crypto investors.

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