Securitrans India Private Limited, an Operational Creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against AGS Transact Technologies Limited, the Corporate Debtor, for a default amount of Rs. 2,37,39,495.20.
Securitrans India Private Limited (Operational Creditor) and AGS Transact Technologies Limited (Corporate Debtor) entered into a Services Agreement on May 30, 2010, for cash management services.
The Services Agreement was extended from time to time, with the last extension being on February 5, 2024, for the period from January 1, 2024, to December 31, 2024.
The Operational Creditor alleged a default amount of Rs. 2,37,39,495.20, with the first default occurring on July 10, 2023.
The Operational Creditor issued a demand notice under Section 8 of the Code on December 4, 2024.
The Corporate Debtor responded with a holding letter on December 12, 2024, and a detailed reply on December 25, 2024, alleging breaches of the Services Agreement.
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Securitrans India Private Limited and AGS…
The Services Agreement was renewed for a…
Securitrans India Private Limited, an Operational Creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against AGS Transact Technologies Limited, the Corporate Debtor, for a default amount of Rs. 2,37,39,495.20.
Securitrans India Private Limited (Operational Creditor) and AGS Transact Technologies Limited (Corporate Debtor) entered into a Services Agreement on May 30, 2010, for cash management services.
The Services Agreement was extended from time to time, with the last extension being on February 5, 2024, for the period from January 1, 2024, to December 31, 2024.
The Operational Creditor alleged a default amount of Rs. 2,37,39,495.20, with the first default occurring on July 10, 2023.
The Operational Creditor issued a demand notice under Section 8 of the Code on December 4, 2024.
The Corporate Debtor responded with a holding letter on December 12, 2024, and a detailed reply on December 25, 2024, alleging breaches of the Services Agreement.
…Securitrans India Private Limited and AGS…
The Services Agreement was renewed for a…