Restructuring of WazirX scheduled by Singapore court for July 15th.
Get the Latest on WazirX's Legal Battle:
There's a buzz around the WazirX restructuring case, as the Singapore High Court has moved the hearing date for further arguments to July 15, 2025, at 7:30 AM IST (10:00 AM SGT). Previously scheduled for July 10-11, this hearing will now take place on the reserve date set for July 16.
This legal dispute is interlinked with HC/OA 1284/2024, a case concerning WazirX's proposed Scheme of Arrangement. After the massive $234 million hack in July 2024, the exchange is striving to gain court approval for its recovery and repayment plan.
The Court has mandated WazirX to submit a supplemental affidavit and written submissions by July 4, 2025. Notably, the Court has also stated that it will only consider documents, such as emails, from other parties after issuing further directions. This decision suggests that the Court wants to concentrate on reviewing the company's filings before making a move.
It's unclear at this point who will be invited to attend the July 15 hearing. WazirX has promised to share updates once the Court provides guidance on the attendance protocols.
Very shortly, the events of July 15 hold significant implications for WazirX. With the updated restructuring plan now under review, the Court's decision is likely to determine whether the exchange has a legitimate chance at recovery.
Clarity on the situation may emerge after July 4, when WazirX files its revised affidavit and written submissions.
Insight: This case represents a crucial juncture in WazirX's future, as the court's decision will determine whether the restructuring plan is approved. This approval could pave the way for operational restoration and reimbursing users, who have been grappling with uncertainty regarding refunds and accountability amid frustrations and silence from WazirX's leadership. [1][2][3]
Bonus Read: Nischal: From Transferring 100% Shares to His Wife to Facing Criminal Charges [1][4]
[1] - Article on CoinDesk[2] - Article on Business Standard[3] - Article on The Times of India[4] - Article on Moneycontrol India
The upcoming hearing on July 15, 2025, has significant importance for WazirX's business and finance, as the court's decision could influence the approval of the restructuring plan, which is crucial for operational restoration and reimbursing users.
Clarity on WazirX's situation may emerge after July 4, 2025, when the company submits its revised affidavit and written submissions, potentially offering insights into its recovery and repayment plan.
