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Bankruptcy Court Approves Supertech Firm's Revival
11 Jan
Summary
- Brickboss Infra acquired Supertech ORB Project for ₹420.86 crore.
- Secured creditors unanimously approved the revival plan before approval.
- Supertech ORB Project had admitted liabilities of approximately ₹621 crore.
The bankruptcy court has sanctioned the acquisition of Supertech ORB Project by Brickboss Infra, a subsidiary of Ametek Group. This move comes as Supertech ORB Project, a separate entity from Supertech undergoing its own insolvency process, had admitted liabilities totaling approximately ₹621 crore. Brickboss Infra's proposed revival plan is valued at ₹420.86 crore, receiving unanimous clearance from secured creditors prior to the National Company Law Tribunal's approval.
The approved resolution plan is now binding on Supertech ORB Project and all involved stakeholders, enabling the immediate commencement of the company's revival. Meanwhile, homebuyers of 16 stalled Supertech projects are advocating for the lifting of a Supreme Court stay. An earlier NCLAT order in December 2024 had directed NBCC (India) Ltd to complete these projects within a set timeframe.
Supertech ORB Project, developing luxury apartments in Noida, entered corporate insolvency resolution in October 2013. The resolution professional received claims amounting to ₹1,070 crore, with ₹621 crore admitted. The company's primary secured creditor, ACRE, held a significant 87.34% voting share.
