HNGIL, a container glass producer, has issued the discover below Part 8 of the Insolvency and Chapter Code (IBC), a compulsory step earlier than submitting an software for graduation of the Corporate Insolvency Resolution Process (CIRP).
Additionally Learn: From craft beer darling to founder’s exit: Bira 91’s journey ahead of a revival bid
Within the discover, HNGIL — an operational creditor of B9 Drinks Ltd — claimed default in funds and sought restoration of Rs 11.77 crore for glass bottles manufactured towards confirmed buy orders however allegedly not lifted by B9 Drinks.
Final month, Bira 91 Founder Ankur Jain stepped down from the board and all govt positions at guardian firm B9 Drinks Ltd, together with members of his household, after settling with the corporate’s lenders and traders, bringing to an finish a protracted monetary disaster on the agency.
As per IBC provisions, B9 Drinks has ten days from receipt of the discover to pay the quantity or to put on report any pre-existing dispute, failing which HNGIL might transfer the Nationwide Firm Legislation Tribunal (NCLT) for initiation of a company insolvency decision course of towards the corporate, below Part 9 of the Code.
HNGIL Chief Technique Officer Suraj Mehta mentioned, “We acknowledge {that a} demand discover below the IBC has been issued to Bira 91, following the authorized discover despatched earlier this yr in relation to sure business and contractual points. Our place is about out within the discover and we stay open to a decision. For the reason that matter is below authorized consideration, it will not be applicable for us to remark additional at this stage.”The dispute issues greater than 51 lakh customised amber glass bottles of 650 ml, manufactured towards three buy orders positioned by B9 Drinks in June and September 2024.
The inventory is mendacity at HNGIL’s vegetation at Bahadurgarh in Haryana, Puducherry, and Rishra in West Bengal. The bottles carry the brewer’s personal branding and have been made to its technical specification, which implies they can’t be bought to another purchaser.
Additionally Learn: Anicut Capital takes over Bira founder Ankur Jain’s stake, to lead restructuring
The quantity claimed contains Rs 7.03 crore in the direction of the worth of the manufactured items, Rs 1.12 crore in the direction of storage expenses accrued on the unlifted inventory and curiosity on each heads on the contractual fee, after adjusting a credit score of Rs 13.72 lakh standing to the account of B9 Drinks, as talked about within the discover.
The demand discover follows a authorized discover issued to B9 Drinks on Might 6, 2026, which requested the corporate to clear dues and to supply a agency schedule for lifting all the inventory inside 15 days.
Based on HNGIL, neither fee nor lifting of the inventory has been scheduled. Each notices have been issued by means of the corporate’s counsel, Nyaayam Associates LLP.
Part 8 of the IBC permits an operational creditor, being a party-owed cash for items equipped or companies rendered, to formally demand fee of an unpaid debt from an organization earlier than approaching the tribunal.
The glass bottles have been manufactured particularly to B9 Drinks’ necessities and weren’t readily marketable to 3rd events due to their customised specs, the discover mentioned.
It additional alleged that the brewer’s failure to carry the products had brought on “extreme prejudice and monetary hardship” to HNGIL, together with further warehousing bills, blockage of working capital and lack of enterprise alternatives attributable to capability remaining tied up.
HNGIL, within the demand discover, requested B9 Drinks to “unconditionally repay the unpaid operational debt (in default) in full inside ten days from the receipt of this letter”, failing which it will provoke a Company Insolvency Decision Course of (CIRP) towards the corporate.
B9 Drinks, which sells beer below the Bira 91 model, has been out of manufacturing since September 2025 and is estimated to be carrying debt of round Rs 1,000 crore.
Various funding agency Anicut Capital, which held a lien on these shares, is known to be main the restructuring course of, together with present shareholders Peak XV Companions and Kirin Holdings.
The proposed recapitalisation is aimed toward clearing statutory liabilities, worker dues, and vendor funds earlier than the corporate resumes operations.
Based on some reviews, a number of firms, together with Varun Beverages — the bottling associate of drinks big PepsiCo in India and another nations — which shaped a brand new step-down subsidiary, KIVA Spirits, are within the race to accumulate B9 Drinks.
