Glass manufacturer Hindusthan National Glass and Industries Ltd (HNGIL) has initiated the insolvency process against B9 Beverages Ltd, the company behind Bira 91 beer, by issuing a demand notice over an alleged payment default of Rs 11.77 crore.
The glass manufacturer has issued the notice under Section 8 of the Insolvency and Bankruptcy Code (IBC), making it a formal step ahead of a possible application before the National Company Law Tribunal (NCLT) for starting the Corporate Insolvency Resolution Process (CIRP).
HNGIL, an operational creditor of B9 Beverages, has alleged that the brewer failed to pay for customised glass bottles manufactured against confirmed purchase orders. The dispute involves more than 51 lakh 650 ml amber bottles…