📢 Fifth Townhall Announcement

In this Townhall, we will explain the proposed Scheme Terms, outline the Scheme Process, and share the key timelines as part of the restructuring of Zettai Pte Ltd. This session is designed to ensure that all creditors have full visibility into the restructuring process and a clear understanding of the proposed Scheme.

🗓️: 19th December 2024 at 6 PM IST
🕕: Set a reminder 👉 https://www.youtube.com/live/njoGt0Qu058?si=IBhSrhzeDcELtiI6

We are gearing up for a fresh start with enhanced services and a recovery-driven approach for Scheme Creditors.

Following Scheme approval (subject to legal and regulatory requirements), we plan to reopen the WazirX platform and launch a decentralized exchange (DEX) with innovative features to enhance user experience and provide a more robust platform.

The relaunch prioritizes fairness, efficiency, and enhanced services for all Scheme Creditors. Thank you for your patience and support 🙏

How will Recovery Tokens (RTs) be used?

As part of the Scheme, Scheme Creditors will receive RTs on a pro-rata basis based on their Approved Claims. RTs provide access to:

• Surplus sharing
• Recoveries from Illiquid and Stolen assets
• Potential market-driven upside

Determined amounts from the above will be used to purchase RTs in accordance with the Scheme, ensuring Scheme Creditors benefit from future recoveries and price appreciation.

This creditors-first approach is designed to maximize recoveries and align long-term value with market opportunities.

Further details are included in the draft Scheme document in the affidavit shared via email on 10th December 2024.

Here's how the Committee of Creditors (COC) will be fairly formed to represent creditors' interests in the restructuring process.

📢 Third Townhall Announcement

Join us to learn about the formation of the Committee of Creditors (COC) and its roles and responsibilities in the restructuring process.

🗓️ 4th October 2024 at 1:30 PM IST
🕜 Set a reminder 👉 https://www.youtube.com/live/CzOm_nM3UeY?si=svI5aOipCvggBl9k

📢 Formation of Committee of Creditors (COC)

We're in the process of forming a Committee of Creditors (COC) to represent creditors' interests in the proposed restructuring of Zettai Pte Ltd. The COC will play a critical role in providing feedback, monitoring progress, and facilitating communication between creditors and the company.

Here are answers to a few key questions:

1. What is the COC's purpose?
   The COC will represent creditors and act as a consultative body to provide feedback on the restructuring process.

2. How will COC members be selected?
   COC members will be chosen based on a transparent selection process, ensuring fair representation across creditor pools.

3. What are the roles and responsibilities of COC members?
   COC members will represent all creditors, attend meetings, and provide input on creditor preferences, progress, and restructuring.

For full details on the COC formation process, please read the blog 👉 https://wazirx.com/blog/announcement-formation-of-a-committee-of-creditors/

📢 WazirX Granted Four-Month Moratorium by Singapore Courts

In a crucial decision, the Singapore courts have granted WazirX a four-month moratorium, affirming the company's compliance with the legal and procedural requirements under Section 64 of the IRDA. This decisive court ruling highlights WazirX's commitment to act swiftly and responsibly in the interests of all stakeholders.

The court noted that from the onset of the proceedings, WazirX has actively engaged with creditors. The court acknowledged WazirX’s prompt response in filing for the moratorium. This action paves the way for the fastest, creditor-approved, and legally binding resolution to restore crypto balances, ensuring a fair and timely outcome for all stakeholders.

As part of the court's conditions, WazirX will make wallet addresses public via a court affidavit, respond to user queries raised in the courtroom, release financial information, and ensure future voting for court applications is scrutinized by independent parties.

The court has recognized WazirX’s proactive steps and our dedication to formulating a quick and effective scheme of arrangement. We are working diligently with our advisors and stakeholders to develop a comprehensive plan that addresses the needs of parties involved. WazirX appreciates the court's trust and confidence in our actions.

WazirX will continue to provide updates on our progress and further developments. We are steadfast in our commitment to resolve this matter efficiently and equitably 🙏