NCLT Approves ₹420.86 Crore Resolution Plan for Supertech ORB Project

The National Company Law Tribunal (NCLT), Allahabad Bench, has approved a ₹420.86 crore resolution plan for the embattled real estate firm Supertech ORB Project Private Limited. This approval marks a significant step in the corporate insolvency resolution process (CIRP) initiated over two years ago. The plan, submitted by Brickboss Infra Private Limited, a subsidiary of Ametek Buildtech India Private Limited, was approved by the Tribunal on Tuesday.

The Corporate Debtor, Supertech ORB, was pushed into insolvency in October 2023 on an application filed by Assets Care and Reconstruction Enterprises Limited (ACRE), acting as trustee for India Real Estate 2021 Trust. The financial creditor claimed dues of ₹542.71 crore. During the CIRP, claims from 136 homebuyers (allottees) amounting to ₹78.67 crore were also admitted, bringing the total admitted claims to ₹621.39 crore.

The resolution process faced initial delays due to a stay order from the National Company Law Appellate Tribunal (NCLAT), which temporarily halted the invitation for resolution plans. After the stay was modified in October 2024, the Resolution Professional, Shailendra Ajmera, invited Expressions of Interest (EoIs). Out of eight EoIs received, only Brickboss Infra Private Limited submitted a final resolution plan, which was approved by the Committee of Creditors (CoC) with a 100% vote in June 2025.

The approved resolution plan envisages a total financial outlay of ₹420.86 crore, structured as follows: - CIRP Costs: ₹5 crore (to be paid on priority). - Secured Financial Creditor (ACRE): ₹305.27 crore, comprising an upfront payment of ₹7.5 crore and deferred payments of ₹297.77 crore over ten quarters. - Operational Creditor (NOIDA): ₹110.59 crore as a settlement for statutory dues, despite NOIDA not formally submitting a claim during the CIRP. - Unsecured Financial Creditors (Homebuyers): No direct cash payment. Instead, eligible allottees will either receive possession of their units or refunds of principal amounts, depending on their choice.

The resolution plan categorizes homebuyers into several groups—refund seekers, unclaimed allottees, unidentified allottees, and those seeking possession—and outlines a detailed mechanism for addressing their claims. Those wishing to exit will receive refunds of principal amounts within one month of the resale of their respective units. Allottees opting for possession will get their units completed within 12 to 36 months from the handover date, with no price escalation charged.

The plan also addresses the sensitive issue of allottees who booked floors above the 31st floor in certain towers, which were never part of the sanctioned construction plan. They have been offered the option of refund or alternative units within the same project.

The Successful Resolution Applicant (SRA) sought and was granted key reliefs to ensure a “clean slate” takeover, in line with Section 32A of the Insolvency and Bankruptcy Code (IBC). These include: - Extinguishment of all prior criminal proceedings and attachments against the Corporate Debtor related to pre-CIRP offences. - Continuation of all valid contracts and agreements. - Termination of agreements with the former promoter group, except those essential for business continuity.

Pending avoidance applications (against preferential, undervalued, and fraudulent transactions) and other litigations will be pursued by the SRA at its own cost, with any recoveries first appropriated towards unpaid dues of the secured financial creditor.

The NCLT bench comprising Member (Judicial) Praveen Gupta and Member (Technical) Ashish Verma noted that the plan complies with Sections 30 and 31 of the IBC and relevant regulations. It found the plan “feasible and viable” for reviving the corporate debtor.

The Tribunal directed the SRA to complete all statutory approvals within one year, as per Section 31(4) of the IBC. It also warned that failure to implement the plan or its withdrawal would lead to forfeiture of the ₹7.5 crore performance security submitted by the SRA.

The moratorium imposed under Section 14 of the IBC has been lifted with immediate effect. The Resolution Professional has been directed to hand over all records and assets to the SRA and will stand discharged from his duties, save for any specific tasks related to plan implementation.

The approval paves the way for Brickboss Infra, backed by the experienced Ametek Group, to take over and complete the stalled Supertech ORB project in Noida. A Monitoring Committee comprising representatives of the SRA, secured financial creditor, homebuyers, and a Monitoring Agent (likely the current RP) will supervise the implementation.

For the 136 homebuyers and the single financial creditor, the order brings a long-awaited resolution. The case underscores the role of the IBC in resolving complex real estate insolvencies, balancing creditor recovery with consumer protection.