# In the matter of AGS TRANSACT TECHNOLOGIES LIMITED

> NCLT judgment dated 2025-08-25. Citation: TCN-2025-NCLT-01303. Securitrans India Private Limited filed a petition under Section 9 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 25 Aug 2025
- **Citation:** TCN-2025-NCLT-01303
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/ags-transact-technologies-limited-a3c3ee30

## Summary

### Background

Securitrans India Private Limited filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against AGS Transact Technologies Limited, alleging a default of Rs. 2,37,39,495.20/-.

## Facts

Securitrans India Private Limited (Operational Creditor) filed a petition under Section 9 of the IBC against AGS Transact Technologies Limited (Corporate Debtor) for a default of Rs. 2,37,39,495.20.

The Operational Creditor and Corporate Debtor entered into a Services Agreement on May 30, 2010, for cash management services.

The Services Agreement was extended multiple times, with the last extension on February 5, 2024, for the period from January 1, 2024, to December 31, 2024.

The Operational Creditor issued a demand notice under Section 8 of the IBC on December 4, 2024, via email and physical form, demanding payment of the outstanding amounts.

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## Issues and analysis

### Issue 1: Whether the Operational Creditor has provided sufficient documentation to prove the existence of an …

**Ratio:** The NCLT found that the Operational Creditor had provided sufficient documentation,

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**Reasoning:** The NCLT perused the documents and pleadings of both parties and heard the arguments of

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**Interpretation:** The NCLT interpreted the evidence as establishing the existence of an

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**Application:** The NCLT applied the provisions of Section 9 of the IBC to the facts of the

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## Parties

- **Judges:** SAMEER…; NILESH S…
- **Appellants:** Securitrans India…
- **Respondents:** AGS Transact…
- **Other parties:** Brijendra Kumar…
- **Advocates:** Shyam Ka…; Fatema Kac…; +4 more

## Timeline

- **2010-05-30 — Services Ag…**: Operational Creditor and Corporate…
- **2024-02-05 — Services Agreement…**: Services Agreement was renewed for…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 8 — Insolvency resolution by operational creditor](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-8)

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