Following the recent hack, WazirX has launched the Scheme Timeline Calculator, an interactive tool designed to guide users through the complexities of its restructuring process. According to this calculator, WazirX will start fund distribution as early as 3rd February 2025.
WazirX introduces the Scheme Timeline Calculator, Source: X
This innovative calculator provides a clear roadmap of key milestones, enabling users to explore tailored timeline scenarios. It keeps users informed about critical dates and events, essential for restoring trust and transparency after the security breach.
As WazirX navigates its restructuring process, several critical phases are set to occur in the coming months following the initial steps completed by October 2024.
The restructuring process began with a withdrawal freeze on July 18, 2024, and a trading freeze on July 21, 2024. WazirX initiated INR distributions and submitted a moratorium application on August 27, 2024, followed by the first town hall meeting on September 2, 2024, to update users directly.
Key milestones included a court hearing for the moratorium application on September 25, 2024, which led to the court granting a four-month moratorium the next day.
After the third town hall on October 4, the focus will shift to the court hearing for the Scheme meeting application scheduled for December 10, 2024. This hearing is pivotal, as it will determine the legal framework under which WazirX can proceed with its restructuring plans.
Once the court approves, creditors will participate in the voting process on January 1, 2025. This phase involves tabulating and verifying the results with the assistance of an Independent Assessor over the following two weeks. It is a crucial moment for WazirX, as the outcome will reflect the consensus among creditors regarding the proposed restructuring scheme.
Subsequently, Zettai will apply for court sanction of the creditor-approved scheme on January 17, 2025. This step is essential for formalizing the restructuring agreement and ensuring that all legal requirements are met.
Finally, on February 3, 2025, the restructuring effective date will occur, allowing for the reopening of distributions. However, if there is a delay in obtaining court approval, distributions will be pushed back to April 21, 2025, ensuring that all legal requirements are met before proceeding.
