As a seasoned analyst with years of experience navigating complex restructuring processes, I find the WazirX Scheme Timeline Calculator a commendable initiative. The transparency and clarity it offers to users are crucial in restoring trust following a security breach. However, I’ve seen enough to know that even the best-laid plans can hit a snag or two along the way.
After the latest data breach, WazirX has introduced a user-friendly tool called the ‘Timeline Calculator’ for the Scheme. This calculator serves as a step-by-step guide to help users navigate the intricacies of their reorganization plan.
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.
Over the next few months, WazirX will experience key stages during its restructuring journey, with the initial moves already taken by October 2024 serving as a foundation.
The transformation phase kicked off on July 18, 2024, with a halt in withdrawals, and trading was paused on July 21, 2024. WazirX started distributing INR and filed for a moratorium on August 27, 2024, which was followed by the first meeting with users via town hall on September 2, 2024, to keep everyone informed directly.
A significant event was a court hearing regarding the request for a halt, scheduled for September 25, 2024. The following day, the court granted a four-month pause as a result of this hearing.
Following the third town hall on October 4th, attention will turn towards the court case regarding the Scheme meeting application set for December 10, 2024. This court hearing is crucial because it will establish the legal guidelines that WazirX must adhere to when implementing its restructuring strategies.
If the court gives its approval, creditors will take part in the voting procedure on January 1, 2025. Over the subsequent two weeks, the tallying and verification of the results will be carried out with the help of an Independent Assessor. This is a significant step for WazirX, as the final decision reached by creditors will indicate their collective agreement on the proposed restructuring plan.
On January 17, 2025, Zettai intends to seek a court’s approval of the creditor-backed plan. This action is crucial because it helps solidify the restructuring deal and guarantees that all necessary legal conditions are satisfied.
Ultimately, the restructuring will take effect on February 3, 2025, paving the way for the resumption of distribution services.
In case court approval is not granted immediately, the distribution date would need to move to April 21, 2025. This is to make sure that all necessary legal conditions are fulfilled prior to any further action.
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2024-10-29 19:32