WazirX: During the application for a suspension order, negotiations with potential investors will be sought

According to BlockBeats, on September 7th, WazirX, an Indian cryptocurrency trading platform that had previously been hacked, stated that the reason for submitting a suspension order application to the High Court of Singapore is to have breathing space to develop a cryptocurrency balance solution. During the suspension period, WazirX will seek to negotiate with potential investors. WazirX mainly seeks the following relief measures in its suspension order application: (1) The order shall not pass any resolution regarding liquidation; (2) Order not to initiate or continue any litigation against WazirX unless permitted by the court and in compliance with the terms set forth by the court; (3) The order prohibits any execution, seizure or other legal proceedings against any property of WazirX, unless authorized by the court and subject to the conditions set by the court. These relief measures are essentially protective and will enable WazirX to focus on finding solutions for platform users. BlockBeats previously reported that on August 28th, Indian cryptocurrency trading platform WazirX announced that it had requested six months from the High Court of Singapore to restructure its debt. This will initiate a 30 day automatic suspension order. The court will decide whether to approve the hearing date for the suspension order, which has not yet been determined.