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NCLT annuls charges against Maiyas; Gives mgmt mantle to Akashika Foods
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Friday, 17 May, 2019, 08 : 00 AM [IST]
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Nandita Vijay, Bengaluru
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National Companies Law Tribunal (NCLT) has annulled the charges against Maiyas Beverages and Foods, contended by MTR Foods. Henceforth, the company will be operated and managed by Akashika Foods.
The Tribunal, going by the recommendation of the Committee of Creditors (CoC) and interim resolution professional (IRP) Ashish Kanodia, concluded that the sale of Maiyas brand and Maiyas restaurant to Sadananda Maiya happened before the corporate restructuring process, which is not against the law.
Now Maiyas Beverages and Foods has come out unscathed in the tangle with MTR Foods. It has now managed to wrest control over the company under Akashika Foods, started by employees of Maiyas and led by Raghupati Bhat.
“I am happy to inform that the NCLT has taken note of the transaction involving the hiving of Maiyas Restaurants from Maiyas Beverages and Foods, and has recorded the legal framework within which the said transaction was entered. I express my gratitude to all my customers, well-wishers and stakeholders who have stood with me during this period,” stated Sadananda Maiya, founder and chairman, Maiyas Beverages and Foods.
It was MTR Foods which was one of the contenders for control of Maiyas Beverages and Foods, along with Peepul Capital, Sadananda Maiya, Guiltfree Industries, Akashika Foods and Kamal Agrawal.
Now Maiya’s bid for the company he founded through Akashika Foods has already submitted a Rs 130-crore plan to perk up Maiyas Beverages and Foods, which was under pressure. The resolution plan requires 100 per cent upfront payment to financial creditors, workmen and employees and statutory dues to the corporate debtors.
According to the NCLT note, the successful resolution plan completely douses the existing paid-up capital of the corporate debtor. Upon such infusion, Akashika Foods will be a 100 per cent shareholder. The resolution plan also provides for the immediate set-up of the management of the corporate debtor and completely extinguishes all earlier contracts-shareholder agreements.
Further, the NCLT order read, “Akashika Foods brings about a technical and product expertise which will help revive the business of the corporate debtor. It has also envisaged a monetary mechanism for the supervision and implementation of this within a time frame.
It may be recalled that Maiyas Food and Beverages started operations in 2012 with funding from Ascent Capital and Peepul Capital as private equity investors.
The company was recognised for its product range, which included beverages to ready-to-eat foods, pickles, savouries, sweets and frozen foods, besides its retail arm, the Maiyas Restaurant.
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