Delhi-based investor Abinandan Holdings Pvt Ltd has shown interest in taking over the ailing Arambagh Hatcheries from the National Company Law Tribunal (NCLT).
The half-a-century-old Arambagh Hatcheries, promoted by Prasun Kumar Roy, used to sell dressed chicken and ready-to-eat chicken products to more than 150 outlets, mostly in Bengal and some parts of Assam.
A few years ago, Arambagh outlets could be seen in most neighborhoods in the city. In 2013-14 it used to have 5,000 employees and reported revenues of over Rs 700 crore.
However, in 2019 the company ran into trouble which got worse during the pandemic years. In May 2022, since they failed to pay dues to creditors, it was admitted to NCLT.
With no takers, before Abinandan Holdings showed interest Arambagh was set to go for liquidation. For Arambagh there are six financial creditors— all of them asset reconstruction companies — and the total admitted claim from creditors is Rs 1,173 crore. The JM Financial Asset Reconstruction Company Ltd was the biggest creditor, with admitted outstanding of Rs 675 crore. It has 61% voting rights. Pegasus Asset Reconstruction Pvt Ltd, with Rs 149 crore outstanding and 14% voting rights, is the second biggest creditor.
The other companies include Assets Care & Reconstruction Enterprise Ltd, Edelweiss Asset Reconstruction Company, Phoenix ARC Pvt Ltd, and Rolex Commercial Company Pvt Ltd.
By the way, LSI Resolution Pvt Ltd, an IPE registered with IBBI, is running the CIRP process together with the Resolution Professional. Abinandan Holdings Pvt Ltd has shown interest in submitting their resolution plan in the CIRP process of AHL and has filed an application before the National Company Law Tribunal (NCLT) Kolkata bench for allowing their application. When the RP took over Arambagh had 8-10 outlets, and now operating 5-6 outlets. The company also has 18 poultry units near Ilambazaar in Birbhum, but most of them are not in operation.
