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Payments firm AGS Transact Technologies faces insolvency over alleged unpaid dues

VCCircle

VCCircle · 4m ago

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.

Related News

Payments firm AGS Transact defaults on dues worth 386 million rupees

Economic Times

Economic Times · 4m ago

Payments firm AGS Transact defaults on dues worth 386 million rupees

AGS Transact Technologies, a payments services firm, defaulted on obligations amounting to 385.9 million rupees. This default involves principal repayment obligations of 212.3 million rupees and delayed statutory dues worth 173.6 million rupees due to issues in payment collection. The company, struggling with financial strain, owes 7.19 billion rupees to creditors including SBI and Axis Bank. This follows financial difficulties, credit rating downgrades, and the resignation of its independent directors.

Zomato faces insolvency plea over alleged Rs 1.64 crore unpaid dues

Economic Times

Economic Times · 4m ago

Zomato faces insolvency plea over alleged Rs 1.64 crore unpaid dues

Food delivery service Zomato faces an insolvency plea from Nona Lifestyle over alleged unpaid dues of Rs 1.64 crore for uniforms and merchandise, including ICC World Cup jerseys. Nona claims Zomato delayed payments and used pressure tactics; Zomato denies this, citing missed delivery deadlines by Nona, resulting in penalties. The National Company Law Tribunal has delayed proceedings to April 3 for further clarification. Zomato argues it only paid for delivered items after deductions.

Exodus from cash-starved ATM firm’s board flags role of independent directors

Livemint

Livemint · 4m ago

Exodus from cash-starved ATM firm’s board flags role of independent directors

AGS Transact Technologies Ltd is facing scrutiny after all four independent directors resigned following the company's cash crisis, which led to loan defaults and unpaid salaries. Proxy advisory firms question whether independent directors fulfilled their roles or merely occupied positions without actively addressing the ongoing issues. The resignations were attributed to personal reasons and preoccupations, raising concerns about the effectiveness and accountability of independent directors in corporate governance, especially during financial distress.

SpiceJet settles with Raymach Technologies, vendor to withdraw insolvency case

Livemint

Livemint · 1y ago

SpiceJet settles with Raymach Technologies, vendor to withdraw insolvency case

Budget airline SpiceJet has reached a settlement with vendor Raymach Technologies over pending dues. Raymach had filed an insolvency petition against SpiceJet for a default of ₹2.7 crore ($363,324) in November 2023. However, SpiceJet denied having availed of its services. Raymach presented email exchanges between the two companies that showed SpiceJet acknowledging the services. The National Company Law Tribunal has granted Raymach time to withdraw the insolvency case, adjourning the matter until August. SpiceJet has faced multiple insolvency pleas over unpaid dues from other parties.

EY-backed RP sues Byju’s Dubai-based marketing agent for Rs 1,597 crore - The Economic Times

Economic Times

Economic Times · 7d ago

EY-backed RP sues Byju’s Dubai-based marketing agent for Rs 1,597 crore - The Economic Times

Think and Learn, facing insolvency, has sued Dubai-based More Ideas General Trading for Rs 1,597 crore over alleged unpaid dues. Byju Raveendran and other former directors are also implicated. Byju's founders dispute these claims, arguing the resolution professional is deflecting from their own challenges to the insolvency proceedings and GLAS Trust's authority. The dispute involves marketing rights for Byju's products in several Middle Eastern countries under a revenue-sharing arrangement.

Dunzo served notices by Facebook, Nilenso over unpaid dues: Report

Money Control

Money Control · 1y ago

Dunzo served notices by Facebook, Nilenso over unpaid dues: Report

According to Moneycontrol, Dunzo, a hyperlocal delivery startup, has received legal notices from Facebook India Online Services Private Limited and Nilenso for unpaid dues. While Dunzo has made partial payments to Facebook, it still owes approximately ₹1.5 crore. Nilenso, a provider of contract software engineers, has sent a demand notice to Dunzo under the Insolvency and Bankruptcy Code, seeking payment for outstanding dues.

Karnataka HC rejects Byju’s plea in BCCI case; edtech firm to move NCLAT on Monday

Economic Times

Economic Times · 12m ago

Karnataka HC rejects Byju’s plea in BCCI case; edtech firm to move NCLAT on Monday

Edtech firm Byju's has moved the Karnataka High Court to challenge the National Company Law Tribunal (NCLT) order on the Board of Control for Cricket in India's (BCCI) insolvency plea. However, the court did not admit the plea, and Byju's plans to approach the National Company Law Appellate Tribunal (NCLAT) on Monday. Byju's has been admitted into insolvency over unpaid dues of ₹158 crore related to sponsorship rights from the BCCI. Founder Byju Raveendran stated that the insolvency process could lead to a total shutdown of services and halt operations.

General Atlantic, Prosus ask Supreme Court to hear their concerns in Byju's insolvency

VCCircle

VCCircle · 10m ago

General Atlantic, Prosus ask Supreme Court to hear their concerns in Byju's insolvency

Foreign investors in Indian edtech firm Byju's, including General Atlantic and Prosus, are urging India's Supreme Court to consider their concerns as the court decides on the company's future during its ongoing insolvency proceedings. Byju's, once valued at $22 billion, has faced a legal dispute with US lenders seeking $1 billion in unpaid dues, leading to its insolvency. The investors, who together hold nearly 17% stake, have expressed concerns over mismanagement at the company, similar to the US lenders. Byju's declined to comment on the matter.

BYJU’S Pays First Tranche Of INR 50 Cr To BCCI

Inc42 · 11m ago

BYJU’S Pays First Tranche Of INR 50 Cr To BCCI

BYJU'S, an edtech company, has made a payment to the cricket board to resolve a dispute over unpaid fees. The payment was made on the evening of July 30. The company had been facing a corporate insolvency resolution process initiated by the BCCI due to unpaid dues amounting to INR 158.9 Cr. BYJU'S lawyer had previously informed the NCLAT that the dispute was "almost resolved".

Byju’s auditor BDO quits, CEO Raveendran views exit as ’suspicious’ | Mint

Livemint

Livemint · 10m ago

Byju’s auditor BDO quits, CEO Raveendran views exit as ’suspicious’ | Mint

Auditor firm BDO has resigned from its position auditing Indian ed-tech startup Byju's due to a worsening situation at the company. Byju's is currently facing legal cases, including insolvency proceedings and unpaid dues to employees and vendors. BDO had taken over from previous auditor Deloitte in 2023, but requested a forensic audit in July after Byju's insolvency plea. Byju's CEO Byju Raveendran has claimed that BDO's resignation is due to the company's refusal to engage in illegal activities such as back-dating documents and filings. BDO has responded by citing a lack of transparency at Byju's as the reason for their resignation.

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