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Payments firm AGS Transact Technologies faces insolvency over alleged unpaid dues

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Payments firm AGS Transact Technologies faces insolvency over alleged unpaid dues

AGS Transact Technologies, a payments firm, faces insolvency proceedings initiated by creditor Maxwel Aircon India Pvt Ltd over alleged unpaid dues. The company defaulted on dues totalling Rs 7.26 billion, leading to credit rating downgrades and the resignation of independent directors. Poor liquidity and failure to meet customer service agreements caused missed loan interest payments, with shares plummeting 62.4%. AGS Transact is seeking legal advice but faces doubts over its future viability.

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