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

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, and that it would seek negotiations with potential investors during the application period. WazirX mainly seeks the following relief measures in its application for a moratorium order: -An order that no resolution on liquidation shall be passed; -An order that no proceedings shall be commenced or continued against WazirX unless with the permission of the court and in compliance with the terms imposed by the court; -An order that no execution, attachment or other legal proceedings shall be taken against any property of WazirX unless with the permission of the court and in compliance with the conditions imposed by the court. These relief measures are protective in nature and will enable WazirX to focus on finding solutions for platform users.