Indian payments firm AGS Transact Technologies faces insolvency over alleged unpaid dues

AGS Transact Technologies, an Indian payments services firm, announced on Saturday that a creditor intends to initiate insolvency proceedings against the company due to non-payment of dues.

Maxwel Aircon India Private Limited, an operational creditor, has claimed that AGS Transact defaulted on repayments and has requested the National Company Law Tribunal to begin corporate insolvency proceedings. As of now, Maxwel Aircon has not responded to Reuters' request for comment.

AGS Transact stated that the company is seeking appropriate legal advice and will take all necessary steps to protect its interests in this matter.​