upGrad takes Bira91 maker to NCLT over ₹1.02 crore in unpaid dues
Edtech firm upGrad has filed an insolvency petition against B9 Beverages Ltd, the company behind Bira91 beer, over ₹1.02 crore in unpaid bills. The case landed at the Delhi bench of the National Company Law Tribunal on October 22 and joins a growing list of creditor disputes threatening the once-high-flying beer brand.
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₹1.02 crore claim triggers fresh NCLT case
Edtech firm upGrad has taken B9 Beverages Ltd, the maker of Bira91 beer, to the National Company Law Tribunal in Delhi. The petition, filed on October 22 under Section 9 of the Insolvency and Bankruptcy Code, demands ₹1.02 crore in unpaid dues. upGrad wants the court to start a corporate insolvency resolution process, but it has not said what services it provided.
Creditors circle as NCLT orders mediation
B9 Beverages is already fending off several creditors. Hindusthan National Glass & Industries Ltd is suing for ₹11.8 crore after Bira91 failed to collect 5.1 million custom glass bottles worth more than ₹7 crore. The bottle maker also encashed bank guarantees totaling ₹3.91 crore when payments stalled.
In September the Delhi bench of the NCLT ordered B9 Beverages and its creditors into mediation and barred the company from selling assets while talks continue. The order signals the tribunal’s attempt to settle disputes before forcing formal insolvency.
Beer maker posts ₹748 crore loss, pauses production
Bira91’s troubles deepened when a switch to public-company status triggered state-by-state excise re-approvals. Production and sales collapsed, forcing an ₹80 crore inventory write-off. The brewer then halted packaged-beer shipments as cash dried up, vendors went unpaid, and payroll became harder to meet.
For the year ending March 2024, Bira91 posted a net loss of ₹748 crore. Total accumulated losses now stand at ₹2,117.9 crore, and the auditor reported that liabilities exceeded assets by ₹487 crore.
Founder exits as lenders take charge
Ankur Jain quit Bira91’s board in July after clashing with investors and lenders. Anicut Capital, which had lent B9 Beverages ₹200 million between 2017 and 2022, took control of Jain’s family stake once repayments missed.
Investors—Peak XV Partners, Sofina, Kirin Holdings and others—are now pushing a recapitalization plan. They hope to restart operations, but the company’s losses and towering debts make any quick turnaround difficult.
What this means
Lazyfounder analysis — our interpretation, not reported fact.
Mediation at the NCLT may buy Bira91 a few months—but unless losses shrink faster than cash burns, the recapitalization led by existing investors will struggle to restart operations without deeper haircuts for creditors.
Key takeaways
- upGrad’s ₹1.02 crore claim kicks off another insolvency proceeding against Bira91’s parent, B9 Beverages, this time under Section 9 of the IBC.
- The NCLT has already frozen B9’s assets and urged mediation after multiple creditors, including Hindusthan National Glass, sought recovery of larger sums.
- Bira91 paused packaged-beer production after losses ballooned to ₹748 crore in FY24 and liabilities outstripped assets by ₹487 crore.
- Founder Ankur Jain stepped down in July; Anicut Capital now controls his family’s stake as lenders push for a recapitalization led by existing investors.
Related on Lazyfounder
Sources
- Inc42 · 2026-11-04
upGrad Files Insolvency Petition Against Bira91 Over ₹1.02 Cr Dues
This story is an original summary drafted with AI by Lazyfounder from the reporting listed above and checked by automated validation. Facts are attributed to their original publishers; sections marked as analysis are Lazyfounder's. Where a source is in another language, facts were machine-translated and quotations are reported, not reproduced. Read the original coverage via the links, and see our AI policy and corrections policy.
About the author
Editor, Lazyfounder
Tarun Mottlia edits LazyFounders, covering Indian startups, funding rounds, AI and product launches. Every story on the site is AI-assisted and checked against its cited sources before publication.
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