- The Singapore High Court has dismissed a proposed restructuring plan for WazirX.
- The plan was submitted by Zettai Technologies to address creditor and user claims.
- Zettai has since filed for a rehearing and is exploring other legal options.
The Singapore High Court has declined to approve a proposed restructuring plan for the embattled crypto platform WazirX, marking a major setback for the recovery efforts led by Zettai Technologies. The decision relates to an application for a Scheme of Arrangement that Zettai claimed would address creditor concerns.
The application was formally dismissed during a court hearing on June 4, 2025. The court has not yet released the full written grounds for its decision, leaving the path forward for the company and its creditors uncertain.
Related: WazirX Rebrands as Zensui and Moves Operations from Singapore to Panama
Zettai Files for Further Arguments, Awaits Judge’s Response
Following the court’s rejection, Zettai filed a formal request for further arguments on June 6, 2025, in accordance with Singapore’s legal process. Under local judicial procedure, the same judge who dismissed the application must respond within 14 days of the filing. The judge may decide to hear further arguments or maintain the current decision. If granted, the court could direct Zettai to submit additional written arguments or attend another hearing session.
While a transcription of the June 4 hearing was made available to WazirX users, the court noted that the remarks made during the hearing were not final and should not be treated as the complete basis for the ruling.
Parallel Legal Options Under Review
While the request for a rehearing is pending, Zettai has begun consulting with its legal advisors to prepare alternative legal responses. The company confirmed it is actively assessing all available legal paths, which include appealing the original decision to dismiss the restructuring plan.
In a statement, Zettai has asked its users not to speculate on the reasons for the court’s decision until the full written judgment is issued.
The company reiterated its intention to continue pursuing a viable resolution for all affected creditors and to maintain transparency throughout the legal proceedings.
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