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Rs 1.09 crore dispute settled! Devyani drops insolvency case against Bira
Devyani International has sought to withdraw its insolvency plea against Bira after a settlement over unpaid dues of Rs 1.09 crore; NCLT will consider the request on September 10.
Devyani had initiated proceedings under the Insolvency and Bankruptcy Code (IBC) last year, alleging that Bira defaulted on payments due under brand alliance and supply agreements signed in October 2021.
Devyani International, the operator of quick service restaurant chains KFC and Pizza Hut in India, has moved to withdraw its insolvency petition against B9 Beverages Limited, the maker of Bira beer, after reaching an out-of-court settlement, Brand and Bench reported.
As per the media report, the case was pending before the National Company Law Tribunal (NCLT), New Delhi, over alleged unpaid dues of Rs 1.09 crore. A Bench comprising Judicial Member B Venkat Balram Das and Technical Member Dr. Sanjeev Ranjan will take up Devyani’s plea for withdrawal on September 10.
Devyani had initiated proceedings under the Insolvency and Bankruptcy Code (IBC) last year, alleging that Bira defaulted on payments due under brand alliance and supply agreements signed in October 2021. These agreements involved promoting Bira products and supplying them at several airport outlets, including Lucknow’s Chaudhary Charan Singh Airport and Delhi’s Indira Gandhi International Airport.
Sister entities, Devyani Food Spirit and Devyani Airport Services Mumbai, were also part of the arrangements.
The contracts were expanded through addendums in March 2023, but Devyani alleged that Bira failed to clear invoices from the first quarter of FY24. Payments, which were contractually due within ten days of each quarter’s end, allegedly stopped from June 29, 2023. After repeated reminders, Devyani issued a statutory notice under Section 8 of the IBC. Bira’s September 2024 reply was dismissed as “frivolous,” prompting the insolvency plea.
While the two companies have now settled their dispute, three other insolvency petitions against Bira remain pending before NCLT.
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