WazirX: Will seek negotiations with potential investors during application for suspension order

WazirX, an Indian crypto trading platform, tweeted that the reason for filing a moratorium application with the Singapore High Court was to have breathing space to finalize a solution for restructuring and compensation, and that it would seek negotiations with potential investors during the application period. WazirX mainly sought the following relief measures in its application for a moratorium: (1) an order that no resolution on winding up be passed; (2) an order that no proceedings be commenced or continued against WazirX except with the permission of the court and in compliance with the terms prescribed by the court; (3) an order that no execution, attachment or other legal proceedings be taken against any property of WazirX except with the permission of the court and in compliance with the conditions prescribed by the court. Previously, WazirX had requested six months from the Singapore High Court to restructure its debts. This move will trigger an automatic moratorium of 30 days. The hearing date for the court to decide whether to grant the moratorium has not yet been determined.