WazirX’s restructuring process is approaching a critical juncture. Voting on its Scheme of Arrangement is scheduled to take place from March 19 to March 28, 2025. The outcome will determine whether rebalanced Net Liquid Platform Assets (NLPA) can be distributed to creditors.

Users will cast their votes via Kroll Issuer Services, which will be reviewed by an independent assessor. To move forward, the scheme requires approval from the majority of creditors and the sanction of the Singapore High Court.

If approved, WazirX aims to begin the first phase of token distribution within 10 business days of court approval. The recovery plan also includes additional phased distributions over the next three years, funded through stolen asset recoveries, illiquid wallet conversions, and platform revenue-sharing mechanisms.

The company estimates that, based on valuations as of July 18, 2024, 85% of creditors’ eligible balances could be distributed under the rebalancing plan.

In January, the Singapore High Court granted Zettai Pte Ltd, WazirX’s parent entity, permission to convene a Scheme Meeting. If approved within the expected timeframe, the recovery could be one of the fastest in the crypto industry, occurring within a year of WazirX’s withdrawal freeze in July 2024.

With the vote to begin in March, creditors are urged to review their rebalanced NLPA allocations within the WazirX app and participate actively in the decision-making process.