- From March 19 to 28, 2025, users will have the opportunity to vote.
- At least half of the creditors should vote in favor of the plan to agree to it.
Nischal Sheetty request, CEO of the Indian Crypto Exchandic company Wazirx, from users to agree to the restructuring scheme after hacking. At least half of the creditors should vote in favor of the plan to agree to it. The creditors must be likely to each chapter present and vote to pass it.
The court’s license for the plan will make it implement against the company and its creditors as soon as it declares. Clear and transparent timelines are achieved through this process, which allows to make enlightened decisions.
All eyes are on creditors
According to NISCAL, customers can now reach their share of the NLPA liquid platform (NLPA) in the Wazirx application. Which will be provided in the first distribution. Assuming that the proposed scheme is accepted by the creditors and punishable by the court.
From March 19 to 28, 2025, users will have the opportunity to vote on the proposed scheme. Ten working days after the actual plan date, or in April or May of 2025, at the latest, the first distribution will be completed if the plan is effective.
Moreover, the creditors are expected to receive, on average, about 85.3 % of their balances in US dollars of the balance of the balanced, balanced liquid platform. Distinguished Recover Codes (RTS) can be distributed later to facilitate this process for possible distributions.
To facilitate the recovery of assets in the future and share profits from the reactivation of the Wazirx platform, creditors will get recovery codes (RTS) on a pro -fee basis.
Along with the proposed scheme, there are already fixed plans to recover non -liquid assets and theft. This is expected to be done through criminal investigations and legal procedures. The next result that can be imagined is the filter in the event that the plan is not successful. It is necessary to settle the ownership dispute before the liquidation begins. Because of the high level of risk and uncertainty, recovery processes in the liquidation process tend to delay them.
The high liquidation expenses caused by the massive creditors base, the requirements of the liquidated statute, the loss of employees and the important infrastructure in the liquidation will lead to less decreases compared to restructuring.
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