Legal · Commerce & Consumer Brands

Bira 91 faces insolvency notice over unpaid dues

By Startup Enthusiast · 31 August 2026

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A glass supplier issued a default notice for Rs 11.77 crore over unlifted customized bottles

The company has been out of production since September 2025 and owes about Rs 1,000 crore

Founder Ankur Jain stepped down in July 2026 as part of a restructuring

HNGIL, a glass bottle supplier, issued a default notice under Section 8 of the Insolvency and Bankruptcy Code (IBC) to B9 Beverages, the parent of Bira 91.
The claim is for Rs 11.77 crore over 51 lakh customized amber glass bottles of 650 ml that B9 Beverages ordered but did not lift.
The amount includes Rs 7.03 crore for goods, Rs 1.12 crore storage charges, and interest, after a credit adjustment of Rs 13.72 lakh.
HNGIL had earlier sent a legal notice on May 6, 2026 asking for dues clearance and a lifting schedule within 15 days.
HNGIL encashed bank guarantees worth Rs 3.91 crore, but said the dues remained unpaid.
If B9 Beverages does not pay or show a pre-existing dispute within 10 days, HNGIL plans to move the NCLT under Section 9 IBC to start a corporate insolvency resolution process (CIRP).
Bira 91 has been out of production since September 2025 and its total estimated debt is around Rs 1,000 crore.

Founder Ankur Jain stepped down from the board and all executive positions in July 2026, along with family members, as part of a settlement with lenders and investors.
Anicut Capital took control of the Jain family's over 17% stake and is leading the restructuring.
Existing shareholders Peak XV Partners and Kirin Holdings are involved in the restructuring.
The recapitalisation plan aims to settle government dues, staff salaries, and supplier bills before restarting operations.
Varun Beverages (through subsidiary KIVA Spirits) is among companies reportedly in the race to acquire B9 Beverages.

Bira 91 is a craft beer brand and one of India's earliest.
It raised more than $200 million over the years.
Revenue crossed $100 million in FY23.
In FY24, operating revenue declined 17.1% to Rs 638 crore.
Net loss widened 68% year-on-year to Rs 748 crore in FY24.
From January to June 2023, Bira 91 could not sell products legally because state authorities treated B9 Beverages as a new entity requiring fresh approvals.
That regulatory disruption forced Bira 91 to write off inventory worth around Rs 80 crore.
B9 Beverages also owns The Beer Cafe, which operates 42 pubs across India.

HNGIL plans to move the NCLT under Section 9 IBC if B9 Beverages does not pay or show a pre-existing dispute within 10 days.
The recapitalisation plan aims to settle government dues, staff salaries, and supplier bills before restarting operations.
Varun Beverages (through KIVA Spirits) is reportedly in the race to acquire B9 Beverages.

Peak XV Partners (existing) — Existing shareholder involved in restructuring.
Kirin Holdings (existing) — Existing shareholder involved in restructuring.
Sofina (existing) — Backed B9 Beverages.
Anicut Capital (lender) — Lender that took control of Jain family's stake and is leading restructuring.
Hero Corporate Services family office (lender) — Lender to B9 Beverages.