NCLT OKs Brickboss' buy of Supertech ORB

New Delhi: The bankruptcy court has approved the acquisition of distressed real estate firm Supertech ORB Project by Brickboss Infra, a subsidiary of Greater Noida-based developer Ametek Group.Supertech ORB Project is a group company of Supertech, which is undergoing a separate insolvency process.Brickboss Infra proposed a revival plan worth ₹420.86 crore for Supertech ORB Project, which had admitted liabilities of about ₹621 crore. Before the Allahabad bench of the National Company Law Tribunal granted its approval, the secured creditors had unanimously cleared the resolution plan."The resolution plan as approved hereby is binding on the corporate debtor (Supertech ORB Project) and other stakeholders involved, so that revival of the debtor company shall come into force with immediate effect," the division bench, comprising judicial member Praveen Gupta and technical member Ashish Verma, said in its order.Meanwhile, homebuyers of 16 stalled housing projects of Supertech have been calling for vacating a stay imposed by the top court on a National Company Law Appellate Tribunal order, issued in December 2024, which directed that all these projects be entrusted to NBCC (India) Ltd for time-bound completion.Supertech had also de-linked the Doon Square project in a reverse insolvency process, following which the handover of units was completed by Ametek Group, the project's co-developer, well before the stipulated deadline.The 16 stalled Supertech projects comprise 50,962 homes, of which 39,870 have been sold and 11,092 remain unsold. Of the sold homes, 24,871 have been handed over to buyers, while 14,999 have yet to be delivered.Apart from the Ametek Group subsidiary, other companies - including Rearco, Trident Infrahomes, One City Infra, Ausil Corporation, Authum Investment & Infrastructure and Resurgent India - had also expressed interest in acquiring the company through the insolvency resolution process.In October 2013, Supertech ORB Project, which is developing ultra-luxury high-rise residential apartments in Noida, was admitted into the corporate insolvency resolution process following an application filed by Ares SSG Capital-backed Assets Care and Reconstruction Company (ACRE).The tribunal appointed EY-backed Shailendra Ajmera as the resolution professional. Ajmera is also the resolution professional for Go Airlines and Mittal Corp, among others. The real estate firm's resolution professional received claims totalling ₹1,070 crore, of which claims of about ₹621 crore were admitted. The company's secured creditor, ACRE, held 87.34% voting share with admitted dues of about Rs 521 crore, while unsecured financial creditors held a 12.66% voting share with admitted dues of about ₹78 crore.