The Delhi High Court has issued an important notice on the restructuring plan of the crypto assets proposed by Crypto Alternate Wazirx. This notice has been given on the basis of the petition filed by users who demanded to stop this restructuring plan. The petitioners say that this restructuring is being done without the consent of users, which is a violation of their rights. He also expressed concern that assets affected by this, which had no connection with the previous cyber attack, can now also come under rebelling and liquidation, which can also be risky according to the data safety.
Wazirx restructuring plan Delhi High Court notice on
On March 28, 2025, the Delhi High Court issued a notice on an interim application, which was demanded to stop the restructuring of the crypto assets of the users on the Wazirx platform. This application was presented in a pending writ petition filed in October 2024. Petitioners Sudhir Verma and Kunal Dhariwal allege that Zettai PTE in the proposed restructuring plan. Ltd. Virtual digital assets (VDAS) are being managed and redistributed. He says that the price of these assets was ₹ 2700 crore and he was not affected by the cyber attack of July 2024. However, these assets can be ribilating and liquidation under restructuring, which is being done to complete Zettai’s aliberations and operating expenses. Petitioners say that the permission of users has not been taken in this process and is a violation of their rights.
The petition also alleges that under the restructuring plan, the condition is being placed with the users to withdraw the legal mater and safe to the platform, whether they agree with the project or not. In addition, the petitioners have also questioned the fairness of restructuring as this process is being controlled by a personal advisor, which works for the restructuring unit. Also, data safety concerns have also been raised, as more than 4 lakh Indian users are being shared with personal and financial information foreign institutions.
An important decision related to Wazirx Hack also surfaced
With the notice issued by the Delhi High Court, a recent important incident related to Wazirx was revealed, in which one NCDRC rejected the case related to Wazirx Hack Was. Nationwide Shopper Disputes Redressal Fee said that the right of the consumer court applies only to India’s cases and Wazirx’s headquarters are in Singapore, so it cannot be accepted for hearing according to Indian law. The decision also stated that cryptocurrency has been considered as an object and it comes as assets under the Income Tax Act. Due to this, this case does not come under Indian Shopper Coverage Employment.
After this decision, users feel that their rights can be difficult to protect, especially when the cases associated with cryptocurrency are associated with foreign companies. Such issues arising against Wazirx can become a big challenge towards obtaining legal remedies under Indian law.
However, the decision of the Delhi High Court may be important in this case, as it can provide clear guidance on the rights of Indian users and questions related to data safety.
Conclusion
The Delhi High Court notice on Wazirx’s crypto restructuring plan and the recent decision of NCDRC raise important questions about Indian users’ rights and data safety. These cases indicate that legal law and consumer safety requires further improvement in legal law. Court’s decisions can be important steps in this direction, which will promote confidence and transparency in crypto exchanges.
