According to BlockBeats, on September 7, WazirX, an Indian crypto trading platform that was previously hacked, said that the reason for applying for a moratorium order to the Singapore High Court was to have breathing space to finalize a solution for restructuring and compensation. During the application period, it will seek negotiations with potential investors. WazirX mainly seeks the following relief measures in its application for a moratorium order:
(1) an order that no resolution for winding up shall be passed;
(2) an order that no proceedings be commenced or continued against WazirX except with the leave of the Court and on such terms as the Court may prescribe;
(3) An order that no execution, attachment or other legal process shall be taken against any property of WazirX except with the leave of the Court and subject to such conditions as the Court may impose.
These relief measures are protective in nature and will allow WazirX to focus on finding solutions for the platform’s users.
BlockBeats previously reported that on August 28, Indian crypto trading platform WazirX announced that it had asked the Singapore High Court for six months to restructure its debt. This move will trigger a 30-day automatic moratorium. The hearing date for the court to decide whether to approve the moratorium has not yet been determined.
