AGS Transact Technologies Limited has informed the Exchange about Corporate Insolvency Resolution Process
AGSTRA · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
AGS Transact Technologies Limited has informed the stock exchange that a Corporate Insolvency Resolution Process has been initiated against the company. This typically means the NCLT (National Company Law Tribunal) has admitted a petition under the Insolvency and Bankruptcy Code, 2016. An interim resolution professional is likely to be appointed to manage the company's affairs. The company's existing board may be suspended during this process. Creditors will now evaluate bids to revive or recover dues from the company.
This is a highly negative event for shareholders. Existing equity may face significant dilution or even become worthless depending on the resolution plan. The stock is likely to see sharp downward pressure and heavy trading restrictions may apply on the exchanges.