Payments services firm AGS Transact Technologies said on Saturday that a creditor plans to initiate insolvency proceedings against the company for non-payment of dues.
Maxwel Aircon India Pvt Ltd, an operational creditor of the company, has alleged default in repayments and sought an initiation of corporate insolvency in the National Company Law Tribunal, AGS Transact said in an exchange filing. Maxwel Aircon did not immediately respond to Reuters’ request for comment.
“The company is seeking appropriate legal advice and will take all appropriate steps to protect its interest in the aforesaid matter,” AGS Transact said.
AGS Transact provides digital and cash-based solutions to banks and corporate clients, including…
