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NCLT steps in, Akashika Foods to take over Maiyas Beverages and Foods

Six firms including Peepul Capital, Sadananda Maiya, Guiltfree Industries, MTR Foods, Akashika Foods and Kamal Agrawal had bid for the firm after evaluating its assets and liabilities.

ET Bureau|
May 15, 2019, 11.23 AM IST
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The plan requires 100% upfront payment to financial creditors, workmen and employees as well as statutory dues to corporate debtors.
BENGALURU: Maiyas Beverages and Foods, founded by ready-to-eat food pioneer Sadananda Maiya, will be taken over by Bengaluru-based Akashika Foods as per a resolution plan approved by the National Company Law Tribunal (NCLT).

The tribunal passed an order to this effect following the recommendation of the Committee of Creditors (CoC) and the interim resolution professional (IRP), Ashish Kanodia.

Six firms including Peepul Capital, Sadananda Maiya, Guiltfree Industries, MTR Foods, Akashika Foods and Kamal Agrawal had bid for the firm after evaluating its assets and liabilities. The IRP tasked by NCLT to manage the affairs of Maiyas Beverages declared Akashika’s resolution plan as successful. The plan requires 100% upfront payment to financial creditors, workmen and employees as well as statutory dues to corporate debtors.

Akashika Foods was represented by its director KR Raghupathi Bhat.

Maiyas Beverages was founded by Sadananda Maiya seven years ago, who later roped in Ascent Capital and Peepul Capital as private equity investors. But over time, differences between Peepul Capital and the founders deepened leading to drying up of working capital and closing down of the factory briefly before NCLT appointed an interim resolution professional.

Maiya founded and ran MTR Foods for long before he sold the firm to Orkla, a Norwegian conglomerate, in 2007. After the non-compete period ended, Maiya along with his son founded Maiyas Beverages and Foods, and launched many innovative products.
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