E-Malt.com News article: India: Bira 91 faces fresh insolvency threat from glass supplier

In the latest chapter of the ongoing Bira 91 saga, parent company B9 Beverages has been served with a formal demand notice under Section 8 of India’s Insolvency and Bankruptcy Code.

The notice comes from glass bottle manufacturer Hindusthan National Glass & Industries (HNGIL) who are pursuing roughly INR 117.7 million (approximately USD 1.24 million) in operational debts they say remains unpaid, the Asian Brewers Network reported on September 7.

The notice itself does not amount to an insolvency petition. B9 Beverages now has ten days either to settle the amount or to demonstrate that a genuine pre-existing dispute exists. Failing that, HNGIL could take the matter to the National Company Law Tribunal to open a Corporate Insolvency Resolution Process.

At the centre of the disagreement are more than 5.1 million customised 650 ml amber glass bottles, equivalent to around 33,150 hl of beer.

The bottles were produced against three purchase orders placed in mid-to-late 2024. HNGIL says the stock sits at its facilities in Haryana, Puducherry and West Bengal, and that its custom specifications and Bira 91 branding leave it with little option to sell the bottles elsewhere.

A prior notice in May 2026 had asked for payment and a collection schedule within 15 days. HNGIL maintains neither materialised, though it says it remains open to resolving the matter.

The claim lands on a company already grappling with a severe cash crunch. B9 Beverages has reportedly not produced beer since September 2025 and is estimated to be carrying close to INR 10 billion (around USD 105 million) in debt.

The shutdown followed a steady decline in output, with staff unrest and cashflow problems already surfacing well before production stopped.

Founder Ankur Jain and his family exited the board and all executive roles in July 2026 as part of a settlement with lenders and investors that also released Jain from personal guarantees tied to company borrowings.

Anicut Capital, which held security over the family’s 17.8% stake, has since taken control of those shares. It is steering the restructuring alongside shareholders Peak XV Partners and Kirin Holdings.

Reviving the brewer will depend on fresh investment. B9 Beverages’ board and investors have reportedly been in talks with strategic investors, family offices and private equity firms. Estimates put the recapitalisation requirement at around INR 5 billion (approximately USD 52.6 million), largely to clear statutory, employee and supplier obligations and restart brewing.


09 September, 2026