red 
Contents:
Beloved tribe. 🙏
Zettai Pte Ltd applied to the High Court of Singapore on 6 December 2024 for permission to convene a meeting of its creditors to introduce and vote on the Scheme of Arrangement (the “Scheme“).
The scheme is aimed at providing users of WazirX (“Scheme lenders“), which are Zettai’s unsecured contingent lenders, with a quick and fair recovery. This move will increase transparency, restore trust and stabilize the exchange.
Quick help for lenders
The proposed scheme, submitted to the Court primarily under the Companies Act on 6 December 1967, prioritizes creditors by outlining a structured road map for recovery. will be able to place the proposed Scheme before its Scheme creditors for a vote.
The Scheme will only become effective if it is approved by the requisite majority of the Scheme Creditors and is sanctioned by a Singapore court.
Zettai has reached this stage with the confidence to offer the Scheme following a four-month moratorium by the Singapore High Court on 26 September 2024. This period has allowed Zettai to focus on resolution, recovery and restructuring, presenting the company’s proactive response to: to stabilize operations and enable distribution of funds on July 18, 2024 of more than $230 million (INR 1900) after the theft.
If approved, the proposed scheme will include initial distributions within 10 business days (as defined in the proposal) after it becomes effective.
Pursuant to the Scheme, the net available funds (after taking into account, inter alia, professional fees and other operating expenses) which currently represent more than 100% of the US dollar value as at 18 July 2024, will be allocated to the Creditors themselves with proportional token balances held in the portfolio, ensuring that they benefit from the ongoing crypto bull run.
Scheme Lenders will additionally receive Recovery Tokens for additional recoveries within the Scheme.With continued crypto growth, Zettai believes that Scheme Lenders are well positioned to not only recover their capital, but also benefit from a potential uptick in token distribution.
Image of data.
General requirements: 546.47 M USDT (as of 18 July 2024 13:00 IST)
Liquid assets. 566,385,206 M USDT (as of 5 December 2024, 10:00 IST)
The value of the current liquid assets exceeds the total USD equivalent claims as on 18 July 2024, which provides a promising opportunity to the Scheme Creditors for a full recovery of the USD equivalent claims as on 18 July 2024 and possible additional income.
A road map for effective recovery
The Scheme provides a clear, transparent and time-bound framework for fund recovery, ensuring that Scheme lenders will benefit from both immediate distribution and long-term recoveries.
The Scheme follows a structured schedule of events which allows the Scheme’s creditors to vote on the proposal through an independent third-party platform. The results of the vote will be verified by a reputable third-party monitor. In order for the Scheme to proceed, it must be supported by a majority of the Scheme’s Creditors present and voting and at least 75 Approval of % value After the scheme is approved by the requisite majority of creditors, Zettai then will apply to the Court to apply the scheme.
Creditors’ approval of the scheme and Court sanction will pave the way for the restructuring to take effect, ensuring that creditors receive their distributions in a timely and uninterrupted manner.
If the restructuring is NOT approved, the Scheme’s lenders will likely have to wait for the resolution of the ownership dispute over the WazirX platform, which will have an unclear and potentially extended timeframe.
Key highlights of the scheme:
- Swift initial distributions. Creditors will receive an initial distribution of available liquid assets within 10 working days of the Scheme coming into force.
- Signs of recovery. Lenders of the Scheme will subsequently receive Recovery Tokens, which will be systematically repaid through the Platform’s recovery efforts.
- Aggressive asset recovery efforts. Zettai is actively working with forensic experts and authorities to identify the stolen assets.
- Transparency in the process. Zettai is committed to regular 4-monthly reporting on asset recovery efforts and financial health, ensuring that stakeholders remain fully informed throughout the process.
- New streams of income. Zettai plans to launch a decentralized exchange (DEX) where any profit from the DEX contributes to a recovery fund.
We are doing everything possible to recover the assets and get the Platform back up and running. We also want to thank our users for their patience and support during this difficult time.
Disclaimer: Cryptocurrency is not legal tender and is currently unregulated. Please ensure that you exercise sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information presented in this section does not represent any investment advice or WazirX’s position reserves the right, at its sole discretion, to modify or amend this blog post at any time and for any reason without notice. prior notice.
