WazirX said the Singapore court has granted it a four-month moratorium, affirming its 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 company said in a statement.

“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,” the statement said.

“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,” the statement added.

As part of the court’s conditions, WazirX said it 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 scrutinised by independent parties.

“The court has recognised 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,” the company said.

“We are thankful for the court’s decision, which allows us to focus on our path to resolution, recovery and restructuring,” said Nischal Shetty, Founder, WazirX.

“Our immediate filing for the moratorium was a decisive step taken to ensure the fastest, fairest, creditor-approved, legally binding path to resolution where creditors have a token choice and potential upside in a bull run,” he said.

“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,” he added.