Ametek Unit Secures NCLT Nod for ₹421 Cr Supertech ORB Acquisition
Overview
Brickboss Infra, a subsidiary of Ametek Group, received National Company Law Tribunal approval for its ₹421.86 crore revival plan for the distressed Supertech ORB Project. The acquisition addresses over ₹621 crore in admitted liabilities, marking a significant step for creditors and potentially impacting ongoing insolvency processes in India's real estate sector. Homebuyers in other stalled Supertech projects await resolution.
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NCLT Approves Brickboss Infra's Takeover of Supertech ORB Project
New Delhi – The National Company Law Tribunal (NCLT) has given its go-ahead for Brickboss Infra, a subsidiary of developer Ametek Group, to acquire the distressed Supertech ORB Project. The approval comes with a revival plan valued at ₹420.86 crore, targeting a company that faced admitted liabilities of approximately ₹621 crore.
Creditors Back Revival Plan
Secured creditors unanimously supported Brickboss Infra's resolution proposal before it was presented to the Allahabad bench of the NCLT. The tribunal's order states that the approved plan is binding on the corporate debtor, Supertech ORB Project, and all involved stakeholders, initiating revival efforts immediately.
Broader Supertech Issues Persist
Meanwhile, the approval does little to resolve the plight of homebuyers across 16 other stalled Supertech housing projects. These buyers continue to push for the vacation of a Supreme Court stay on an earlier National Company Law Appellate Tribunal (NCLAT) order that had directed NBCC (India) Ltd to take over these projects for time-bound completion. These 16 projects represent 50,962 homes, with a significant number already sold but undelivered.
A Competitive Acquisition Process
Supertech ORB Project, focused on developing ultra-luxury residential apartments in Noida, entered corporate insolvency resolution in October 2013. The process saw interest from multiple entities, including Rearco, Trident Infrahomes, One City Infra, Ausil Corporation, Authum Investment & Infrastructure, and Resurgent India, before Brickboss Infra emerged as the successful bidder. The resolution professional, Shailendra Ajmera, received claims totaling ₹1,070 crore, with ₹621 crore admitted. ACRE, the secured creditor, held a substantial 87.34% voting share.
