CIRP initiated against AGS Transact Technologies

AGS Transact Technologies has informed the stock exchange that a Corporate Insolvency Resolution Process (CIRP) has been initiated against the company under the Insolvency and Bankruptcy Code. This typically happens when a financial creditor, operational creditor, or the company itself approaches the NCLT due to inability to pay debts. An interim resolution professional is likely to be appointed to take over management, with the aim of reviving the company or, failing that, handling its liquidation to recover dues for creditors.