WazirX Users Overwhelmingly Approve Amended Restructuring Plan in Revote –

MUMBAI — Zettai Pte. Ltd., the entity overseeing the restructuring of Indian crypto exchange WazirX, said Monday that more than 95% of participating scheme creditors voted to approve an amended restructuring plan in a fresh round of voting, clearing a major hurdle toward restarting operations and initiating distributions to users. The company said the revote concluded with 95.7% approval by creditor count and 94.6% by value.

The vote — conducted on the Kroll Issuer Services platform from July 30 to Aug. 6, 2025 — drew 149,559 participating scheme creditors with $206.89 million in approved claims. Of these, 143,190 creditors representing $195.75 million voted in favor, reflecting a 2.7% increase in supporting creditor count compared with the prior round. All WazirX users with positive balances as of the July 18, 2024, ascertainment date were eligible to vote.

Under the amended scheme, recoveries to creditors will be distributed through Zanmai India, a reporting entity under India’s Financial Intelligence Unit, a structure the company says is intended to maximize speed, transparency and compliance. The approval surpasses the statutory threshold under Section 210(3AB) of Singapore’s Companies Act, which requires a majority by count and at least 75% by value among creditors present and voting.

Zettai said the vote was independently verified by Joshua Taylor and Henry Anthony Chambers of Alvarez & Marsal, who submitted a verification report confirming the results and outcome. Following verification, Zettai plans to seek the Singapore Court’s sanction of the scheme, after which it will circulate the legal filings to scheme creditors.

If the court sanctions the plan, the company expects to begin the first distribution within 10 business days of the scheme taking effect. WazirX founder Nischal Shetty said the strong second-round support is a testament to a “fair” and “transparent” process and committed to restarting operations within 10 business days once the scheme is effective.

For more details, see the announcement on the WazirX Blog.