Fresh insolvency proceedings: UpGrad Education Private Limited has approached the New Delhi Bench of the National Company Law Tribunal (NCLT) against B9 Beverages, the parent company of Bira 91, over alleged unpaid operational dues of ₹1.02 Cr. The petition was filed on October 22, 2026, under Section 9 of the Insolvency and Bankruptcy Code (IBC), seeking initiation of the Corporate Insolvency Resolution Process (CIRP).
Additional creditor pressure: The latest petition adds to B9 Beverages' existing financial and legal challenges. Glass manufacturer Hindusthan National Glass & Industries Limited (HNGIL) has also initiated recovery action, seeking over ₹11 Cr in alleged outstanding dues relating to customised glass bottles manufactured against purchase orders.
Business operations remain disrupted: Bira 91 had suspended its packaged beer business amid funding constraints, mounting vendor liabilities and difficulties meeting employee and statutory obligations. These disruptions have affected the company's ability to maintain regular production and sales.
Restructuring under Anicut Capital: Following founder Ankur Jain's exit from the board and relinquishment of control in July 2026, Anicut Capital took control of the promoter family's stake and assumed a leading role in restructuring efforts. The proposed revival plan involves recapitalisation and settling outstanding liabilities with creditors.
Financial position remains challenging: B9 Beverages reported a net loss of ₹748 Cr in FY24, with accumulated losses of ₹2,117.9 Cr. The company's financial stress and mounting creditor claims make successful restructuring critical for its business revival.
Key monitorable: Investors should track the NCLT's decision on UpGrad's petition, settlement of creditor dues, progress of the proposed recapitalisation, funding arrangements and the timeline for restarting packaged beer operations.
