UpGrad Education Private Limited has approached the National Company Law Tribunal (NCLT) against B9 Beverages Limited, the maker of Bira 91 beer, seeking recovery of alleged outstanding dues of ₹1.02 crore.
The insolvency petition was filed under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, before the NCLT’s New Delhi Bench on October 22. UpGrad has named B9 Beverages as the corporate debtor and sought initiation of insolvency proceedings against it.
Under Section 9 of the IBC, an operational creditor, or simply a vendor, can initiate insolvency proceedings against a company if it fails to clear its dues despite receiving a statutory demand notice, subject to the conditions prescribed under the law.
The petition…