International company Devyani withdraws insolvency claim against Bira, owing to unpaid debt of approximately 1.09 crores INR
In a significant development, Devyani International has requested to withdraw its insolvency petition against B9 Beverages Limited, the company behind popular brands like KFC, Pizza Hut, and Bira 91. The petition, which was filed at the National Company Law Tribunal (NCLT), was made in relation to alleged unpaid dues of ₹1.09 crore by Bira.
The insolvency proceedings in India are governed by the Insolvency and Bankruptcy Code (IBC), 2016. The case against Bira was also being handled by the NCLT.
The insolvency petition, initially filed by Devyani International, was over a dispute regarding the payment of ₹1.09 crore. However, it appears that the matter has been resolved, leading to Devyani International's decision to withdraw the petition.
It is important to note that the name of the lawyer or law firm representing Devyani International in the matter of withdrawing the insolvency petition against B9 Beverages Limited at the National Company Law Tribunal has not been publicly disclosed.
This withdrawal of the insolvency petition is a positive step towards resolving the dispute between the two parties. It is hoped that this development will pave the way for a continued partnership between Bira 91 and Devyani International, allowing the popular brands associated with Bira to continue to be enjoyed by consumers across the country.
As this is an ongoing matter, more updates are expected to follow. Stay tuned for further developments.
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