The Singapore High Court has officially dismissed Zettai Technologies’ application for a restructuring plan involving WazirX. The proposed Scheme of Arrangement, filed under HC/SUM 940/2025, aimed to resolve mounting creditor concerns tied to the struggling crypto exchange. The application was rejected during a court session held on June 4.
According to an official update from WazirX, the move has served as a massive setback to all attempts being spearheaded by Zettai to restore the platform. The company has, however, moved with haste to appeal the decision. On June 6, Zettai officially requested the judge to listen to additional arguments, and such practice is allowed in the Singapore juridical system.
The court now has 14 days to reply to the request. In case the judge grants the request to reconsider Issuance, Zettai might be asked to file further written submissions or attend another hearing.
Court Yet to Release Full Judgment on Scheme Rejection
While a transcript of the June 4 hearing was shared with WazirX users, the court made it clear that the remarks during the hearing cannot be considered the entire grounds on which the decision was made. The concluding written judgment is not out.
Until the whole court reasoning is published, WazirX has warned people against speculating on what might happen. The company emphasized that the termination is not the final)”); out of its restructuring efforts, it was again urged to pursue a legal settlement.
Zettai Technologies has confirmed that it is engaged in close discussions with legal counsel to ascertain the way forward. The repercussions of the judge’s answering will determine the way the company will proceed in its attempt at restructuring.
Zettai Explores Parallel Legal Options Amid Court Setback
We are waiting to hear how the court responds to its request to present additional arguments, but in the meantime, other legal avenues are being actively considered on behalf of Zettai. This can be done by appealing against the court’s rejection of the planned scheme.
The company said that it will continue to safeguard the interest of all creditors. Consultations with legal counsel continue to identify the most feasible way forward within the Singapore legal jurisdiction.
Zettai has undertaken to communicate with users and stakeholders as events progress. The crypto company has made it clear that it has observed the legal procedure and is ready to use all the possible options to reach a solution that can accommodate both sides of the case.
Conclusion
The dismissal of the restructuring plan has created more uncertainty for WazirX and its creditors. Zettai Technologies is now in a critical stage, awaiting the court’s following action and other possible legal approaches that would revive the recovery plan.
