Zettai’s Restructuring Scheme Receives Overwhelming Support from Creditors

Varahi media.com online news,14th April 2025: Zettai Pte Ltd. is pleased to announce that its proposed Scheme of Arrangement has garnered strong backing from creditors following the recent voting process. All creditors holding crypto balances on the WazirX platform were eligible to vote on the proposed restructuring, which was filed in the High Court of Singapore. The voting took place on the Kroll Issuer Services platform from March 19 to March 28.

Overwhelming Approval

A total of 141,476 Scheme Creditors, representing USD 195,650,529.03 in Approved Claims, participated in the voting. Of those who cast their votes, 131,659 creditors, representing USD 184,997,156.31 in Approved Claims, voted in favor of the Scheme. This translates to 93.1% of voting creditors by count and 94.6% by value, indicating strong support for the proposal.

ఇది కూడా చదవండి..శ్రీవారి సేవలో అన్నా కొణిదల… కుమారుడి పేరిట రూ.17 లక్షల విరాళం..

ఇది కూడా చదవండి..“అంబేద్కర్ ఆశయాల బాటలోనే సాగుతాం” – పవన్ కల్యాణ్

The level of approval comfortably exceeds the statutory requirements outlined in Section 210(3AB) of the Companies Act, which mandates that at least a majority by count and 75% by value of the total claims from creditors present and voting must approve the Scheme.

Uniform Support Across Creditors

The approval rate remained consistently high across all creditor segments, ranging from 92% to 95%, regardless of the size of the creditor’s claim. This broad-based support demonstrates widespread alignment with Zettai’s proposed restructuring and recovery plan, highlighting its appeal to both smaller and larger creditors alike.

Nischal Shetty, Founder of WazirX, expressed his gratitude for the strong vote of confidence: “This consistent support across our entire base demonstrates shared belief in our restructuring approach and recovery plan.”

Transparency and Verification Process

Zettai has ensured transparency throughout the process by submitting the votes for verification by an Independent Assessor. Joshua Taylor and Henry Anthony Chambers of Alvarez & Marsal thoroughly reviewed the votes, and the Independent Assessor has provided an official report confirming the results. This report will be made available to all Scheme Creditors shortly, along with instructions on how to view the Updated List of Creditors, which will reflect the voting outcomes on an anonymized, per-creditor basis.

Next Steps: Court Filing

Following the verified results, Zettai is preparing to file for court sanction of the creditor-approved Scheme with the Singapore Court. Once the court accepts the filing, Zettai will issue an update to all Scheme Creditors, including a copy of the legal filings.

ఇది కూడా చదవండి..శ్రీ వేంకటేశ్వర స్వామివారికి మొక్కులు చెల్లించిన అన్నా కొణిదల

ఇది కూడా చదవండి..“తెలంగాణ ప్రభుత్వంతో గోద్రెజ్ క్యాపిటల్ ఆర్థిక సహకారం: MSMEలకు కొత్త రుణ అవకాశాలు”

Effective Scheme and Future Plans

Subject to the Court’s sanction and the Scheme becoming legally effective, the first distribution will take place within 10 business days. Withdrawals and trading will resume in phases, ensuring full compliance with regulatory guidelines while prioritizing user accessibility.

This marks a major milestone in Zettai’s restructuring process, and the company is committed to ensuring a smooth transition for all its creditors as the Scheme moves forward.

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