HNGIL issues default notice to Bira 91, plans to move NCLT
India, Aug. 31 -- Hindusthan National Glass and Industries Ltd (HNGIL) has served a default notice on B9 Beverages Ltd, the maker of the Bira 91 range of beer, as it plans to drag the debt-ridden brewer to the insolvency tribunal NCLT.
HNGIL, a container glass manufacturer, has issued the notice under Section 8 of the Insolvency and Bankruptcy Code (IBC), a mandatory step before filing an application for commencement of the Corporate Insolvency Resolution Process (CIRP).
In the notice, HNGIL - an operational creditor of B9 Beverages Ltd - claimed default in payments and sought recovery of Rs 11.77 crore for glass bottles manufactured against confirmed purchase orders but allegedly not lifted by B9 Beverages.
Last month, Bira 91 Founder...
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