India, Aug. 15 -- Beyond Meat is struggling to stay afloat. On August 10, reports confirmed that the company, known for making plant-based meat substitutes, has filed or is headed to file for chapter 11 bankruptcy protection, the law office of John T Orcutt, a North Carolina bankruptcy lawyer noted.

Beyond Meat's products were meant to mimic the taste, texture, and cooking experience of animal-based meat. Like Beyond Burger or Beyond Beef, their products too are made from proteins derives from plants, fats, and other ingredients that replicate the experience of having meat.

The law office noted that the company's decline stems from fall in sales, mounting debt, and stiff competition, all the while having to deal with a reality that many...