B9 Beverages, the parent company of Indian craft beer brand Bira 91, is facing the threat of insolvency proceedings after Hindusthan National Glass & Industries (HNGIL) served the brewer with a formal demand notice under Section 8 of India’s Insolvency and Bankruptcy Code. The bottle manufacturer is seeking INR 117.7 million (approx. USD 1.24 million) in allegedly unpaid operational debt. The notice does not yet constitute an insolvency petition: B9 Beverages has ten days after receiving it to pay the amount or establish that a dispute already existed, after which HNGIL could apply to the National Company Law Tribunal to initiate a Corporate Insolvency Resolution Process.
The dispute relates to more than 5.1 million customised 650 ml amber glass bottles (relates to 33,150 hl of beer) manufactured under three purchase orders placed in June and September 2024. According to HNGIL, the bottles remain at its plants in Haryana, Puducherry and West Bengal and cannot readily be sold to other customers because they were produced to B9 Beverages’ specifications and carry its branding. A previous legal notice dated May 6, 2026, had demanded payment and a firm schedule for collecting the stock within 15 days, but HNGIL says neither occurred. The supplier nevertheless said it remains open to a resolution.
The dispute adds to an already severe liquidity crisis at the brewer. B9 Beverages has reportedly been out of production since September 2025 and is estimated to carry around INR 10 billion (approx. USD 105 million) in debt. The shutdown followed a dramatic deterioration in output that had already become evident earlier in 2025, when brewery closures and contractual changes reduced production to a fraction of previous levels (inside.beer, 10.07.2025).
Founder Ankur Jain and members of his family stepped down from B9 Beverages’ board and all executive positions in July 2026 after reaching a settlement with lenders and investors. The agreement ended litigation between the parties and released Jain from personal guarantees connected with company borrowings. Anicut Capital, which held security over the promoter family’s shares, subsequently took control of their 17.8% stake and is leading the restructuring together with shareholders including Peak XV Partners and Kirin Holdings. The leadership change completed a process that had already been taking shape at the end of 2025, when Jain was preparing to relinquish control amid mounting financial pressure and Kirin’s planned exit (inside.beer, 19.12.2025).
A rescue will require substantial new funding. B9 Beverages’ board and investors have been approaching strategic investors, family offices and private-equity groups, with earlier reports estimating that approximately INR 5 billion (approx. USD 52.6 million) could be required to recapitalise the brewer and restart operations. The restructuring is expected to focus first on statutory liabilities as well as outstanding employee and supplier payments.
Recent reports have again linked Varun Beverages, one of PepsiCo’s major bottling partners, with a possible acquisition of B9 Beverages. Such speculation needs qualification, however. Varun Beverages chairman Ravi Jaipuria explicitly told analysts on July 28, 2026, that the company was “not looking at Bira.” At the same time, Varun Beverages is clearly preparing to enter alcoholic beverages: on August 25, 2026, its board approved the creation of wholly owned subsidiary KIVA Spirits and Company Limited for ready-to-drink products, alcoholic beverages and related businesses, appointing former Diageo executive Prathmesh Mishra to lead the venture. The official disclosure did not mention either B9 Beverages or Bira 91.
