upGrad has lodged a petition with the National Company Law Tribunal (NCLT) in Delhi seeking corporate insolvency resolution against B9 Beverages Ltd, the maker of Bira91 beer, for alleged unpaid dues of about ₹1.02 crore.
The petition, filed under Section 9 of the Insolvency and Bankruptcy Code, was submitted on Oct. 22, according to documents reviewed by Moneycontrol. upGrad named B9 Beverages as the corporate debtor and asked the tribunal to initiate a corporate insolvency resolution process (CIRP) to recover the amount. The filing does not specify the services upGrad provided to the brewer.
The move adds to a series of creditor actions against B9 Beverages. In September, the NCLT ordered the company and its creditors to explore a settlement through mediation and barred the brewer from disposing of assets while discussions continued. Glass manufacturer Hindusthan National Glass & Industries Ltd has also filed a demand notice under Section 8 of the IBC, seeking recovery of ₹11.8 crore for customised bottles it says remain unpaid.
Background and recent developments
B9 Beverages has been grappling with mounting liabilities and multiple insolvency proceedings. The glassmaker claims more than 5.1 million bottles worth over ₹7 crore are still stored at its facilities, despite encashing bank guarantees of ₹3.91 crore.
In July, founder Ankur Jain stepped down from the board after a dispute with investors and lenders. Anicut Capital, a venture‑fund that had extended loans to the company between 2017 and 2022, took control of Jain’s stake. The brewer is expected to be recapitalised by existing investors and lenders under a revival plan aimed at clearing statutory, employee and vendor dues and restarting operations.
Company profile
Founded in 2015, Bira91 raised more than $200 million from investors and reported annual revenue above $100 million in FY23. Shareholders include Peak XV Partners, Sofina and Japan’s Kirin Holdings. The firm’s troubles intensified after it converted to a public company, triggering new excise approval requirements that disrupted production and sales.