INDIA – Hindusthan National Glass and Industries Ltd (HNGIL) has initiated insolvency proceedings against B9 Beverages Ltd, the maker of Bira 91 beer, by issuing a demand notice over an alleged payment default of Rs 11.77 crore (US$1.24M).
The glass manufacturer issued the notice under Section 8 of the Insolvency and Bankruptcy Code (IBC), before a possible application to the National Company Law Tribunal (NCLT) for the Corporate Insolvency Resolution Process (CIRP).
HNGIL, an operational creditor of B9 Beverages, alleged that the brewer failed to pay for customised glass bottles manufactured against confirmed purchase orders. The dispute concerns more than 51 lakh 650 ml amber bottles produced specifically for…