Nischal skips court date in Singapore, Leaves WazirX users hanging

Nischal Shetty continues to toy with the user’s emotions as he chooses not to attend the court date in Singapore. Nischal’s don’t give me advice attitude has kept users from trusting him at all, and his failure to attend the critical court date has left WazirX users in limbo, raising further concerns about his accountability and leadership.

Following the Wazirx hack, Nischal Shetty and his management team chose to file the case in Singapore and not India, citing the company involved, Zettai Pte. Ltd., which is a company based in Singapore. Currently, they are going through legal proceedings under the Insolvency, Restructuring, and Dissolution Act.

Nischal skips court date in Singapore, Source: X

Nischal Shetty, who was supposed to provide an affidavit for the case in the High Court of Singapore, failed to do so. His absence from Singapore is being cited as the reason, raising serious concerns about his responsibility and accountability in handling important legal matters.

On December 6, Zettai, the parent company of WazirX, filed with the Singapore High Court to convene a creditors’ meeting as part of its restructuring plan. 

Shetty’s actions have angered investors, as many view them as a breach of trust. This reflects poorly on WazirX’s leadership, which seems unprepared to handle serious legal challenges. Investors and stakeholders are frustrated, feeling that the situation could have been avoided.

The platform plans to resume withdrawals by mid-April 2025. Meanwhile, Zettai has outlined a Proposed Scheme Process Timeline, starting with a request for court permission to convene a creditors’ meeting on January 27, 2025, followed by steps for creditors to review balances, participate in webinars, and submit claims.