AGS Transact Technologies Limited , a prominent player in the payment solutions and banking automation sector, has entered into a Corporate Insolvency Resolution Process (CIRP) as ordered by the National Company Law Tribunal (NCLT) Mumbai Bench on August 25, 2025.

Key Details of the Insolvency Process

The NCLT issued the order against Company Petition No. (IB) 505(MB)2025, initiating the insolvency proceedings for AGS Transact Technologies Limited. Mr. Brijendra Kumar Mishra has been appointed as the Interim Resolution Professional (IRP) to oversee the process.

Creditors' Claims and Deadlines

Creditors of AGS Transact Technologies Limited are required to submit their claims with supporting evidence to the IRP by September 8, 2025. The company has emphasized that:

• Financial creditors must submit their claims electronically.
• Other creditors may submit claims in person, by post, or through electronic means.

Timeline and Contact Information

Key Dates

• Insolvency Commencement Date: August 25, 2025
• Estimated Closure of Insolvency Resolution Process: February 21, 2026

IRP Contact Details

• Name: Mr. Brijendra Kumar Mishra
• Email: agscirp@gmail.com
• Address: Flat No.202, 2nd floor, Bhoj Bhavan, Plot No.18-D, Shivpuri, Sion-Trombay Road, Chembur (East), Mumbai City, Maharashtra, 400071

Company Background

AGS Transact Technologies Limited, incorporated on December 11, 2002, is registered with the Registrar of Companies, Mumbai. The company's registered office is located at 601-602 Trade World B-Wing, Kamala Mill Compound, Senapati Bapat Marg, Lower Parel, Mumbai, Maharashtra, 400013.

Implications and Next Steps

The initiation of the CIRP suggests that AGS Transact Technologies is facing financial difficulties. This process aims to resolve the company's debts and potentially restructure its operations. Stakeholders, including creditors, employees, and customers, should stay informed about the proceedings and adhere to the guidelines set forth by the IRP.

During this period, the company's operations may be affected, and any decisions regarding its assets or financial commitments will be subject to the oversight of the IRP and the NCLT.

The insolvency resolution process is expected to conclude by February 21, 2026, barring any extensions or early resolution. Interested parties should monitor official communications from the IRP and the NCLT for further updates on the company's status and the resolution process.

AGS Transact Technologies Ltd. , a prominent payments solution provider, has been admitted into insolvency proceedings by the Mumbai bench of India's bankruptcy court. The decision comes in response to a plea filed by operational creditor Securitrans India Pvt., citing unpaid dues amounting to Rs 2.40 crore.

Key Developments

• Brijendra Kumar Mishra has been appointed as the interim resolution professional to oversee the company's day-to-day operations.
• A moratorium under Section 14 of the Insolvency and Bankruptcy Code has been imposed, restricting legal proceedings against the company and prohibiting asset transfers.

Financial Stress and Operational Issues

AGS Transact has been grappling with severe financial challenges over the past six months, leading to significant operational disruptions:

• Non-functional bank ATMs due to cash fulfillment issues
• Outstanding debt of over Rs 592.00 crore to banks, with overdue payments of Rs 17.00 crore
• Default on term loans by its subsidiary, Securevalue India Ltd., with nearly Rs 127.00 crore owed

Corporate Governance Concerns

The company has faced several governance issues:

• Failure to publish quarterly financial results, citing personnel shortages in the finance department
• Vacancies in the board and audit committee

Employee Concerns

• Nearly 400 employees have formed a WhatsApp group to address unpaid dues
• Some employees claim that provident fund contributions haven't been deposited for a year

Management Response

Chairman Ravi Goyal has assured employees that the company is not shutting down and that leadership is working to address the current challenges.

This insolvency process marks a critical juncture for AGS Transact Technologies Ltd., as it seeks to navigate its financial difficulties and operational challenges. The outcome of this process will be closely watched by stakeholders, including employees, creditors, and the broader financial services sector.