India, Oct. 12 -- The Bombay High Court (HC) has dismissed an appeal filed by WazirX's operator Zanmai Labs against an arbitral tribunal order, which affirmed rival CoinSwitch's rights to secure its assets held on the embattled crypto platform.

In a judgment dated October 7, a single-judge bench of Justice Somasekhar Sundaresan upheld the arbitration tribunal's order, which also directed Zanmai Labs to provide bank guarantees to the tune of INR 45.38 Cr to CoinSwitch.

"I see no reason to make an intervention, disturbing the interim arrangement propounded by the learned arbitral tribunal. The petitions filed under Section 37 of the Act (Arbitration and Conciliation Act, 1996), and all the attendant interim applications are dismissed," re...