Brickboss Infra Gets NCLT Nod for ₹421 Cr Supertech ORB Revival

• Brickboss Infra to revive Supertech ORB with a ₹420.86 crore plan

• Secured creditors unanimously approved the resolution

• Project to restart immediately following NCLT approval

In a major step towards reviving stalled luxury housing projects in Noida, the National Company Law Tribunal (NCLT) has approved the acquisition of Supertech ORB Project by Brickboss Infra, a subsidiary of the Greater Noida–based Ametek Group. The approval gives legal backing to a ₹420.86 crore resolution plan, enabling immediate revival of the distressed real estate company.

Supertech ORB, which develops ultra-luxury high-rise residential towers in Noida, is part of the larger Supertech Group, which is undergoing separate insolvency proceedings. The Allahabad bench of the NCLT, comprising judicial member Praveen Gupta and technical member Ashish Verma, ruled that the approved plan will be binding on the corporate debtor and all stakeholders, effectively bringing the company out of insolvency with immediate effect.

“The resolution plan as approved hereby is binding on the corporate debtor and other stakeholders involved, so that revival of the debtor company shall come into force with immediate effect,” the tribunal said in its order.

Details of the Revival Plan

Brickboss Infra’s proposal involved a total investment of ₹420.86 crore against admitted liabilities of around ₹621 crore. The resolution plan was unanimously approved by the secured creditors before being presented to the tribunal, a key requirement under India’s insolvency law.

The project had attracted interest from several players during the insolvency process, including Rearco, Trident Infrahomes, One City Infra, Ausil Corporation, Authum Investment & Infrastructure, and Resurgent India, but Brickboss Infra ultimately emerged as the successful bidder.

The insolvency process for Supertech ORB was initiated in October 2013 after a petition was filed by Assets Care and Reconstruction Company (ACRE), which is backed by Ares SSG Capital. The company’s total claims stood at around ₹1,070 crore, of which ₹621 crore was admitted.

ACRE, as the principal secured creditor, held 87.34% voting rights with admitted dues of approximately ₹521 crore, while unsecured financial creditors held the remaining 12.66% with admitted claims of about ₹78 crore.

Role of the Resolution Professional

The tribunal had appointed Shailendra Ajmera, backed by EY, as the resolution professional to manage the insolvency process. Ajmera is also overseeing insolvency proceedings in other major cases, including Go Airlines and Mittal Corp, adding credibility to the handling of the Supertech ORB case.

Wider Impact on Supertech Homebuyers

The approval of the Supertech ORB revival plan comes at a time when thousands of Supertech homebuyers across NCR are awaiting relief. As many as 16 stalled Supertech projects involving 50,962 homes remain in limbo. Of these, 39,870 units have been sold, but nearly 15,000 buyers are still waiting for possession.

While 24,871 homes have been handed over, a large chunk of buyers continue to face uncertainty due to ongoing legal proceedings. Homebuyers have recently been urging the Supreme Court to lift a stay on a December 2024 NCLAT order that directed all 16 stalled projects to be handed over to NBCC (India) Ltd for time-bound completion.

Ametek’s Track Record Adds Confidence

The Ametek Group, which owns Brickboss Infra, has already played a role in completing one of Supertech’s projects. The Doon Square project was de-linked from Supertech under a reverse insolvency process, and Ametek, as the co-developer, successfully completed and handed over units ahead of schedule—boosting buyer confidence in its execution capability.

What This Means for Noida’s Luxury Market

Supertech ORB is positioned as an ultra-luxury residential development, and its revival is seen as positive news for Noida’s high-end real estate segment. The NCLT approval clears the biggest legal hurdle, allowing construction, sales, and delivery planning to move forward under Brickboss Infra’s leadership.

With the insolvency process now closed and a funded revival plan in place, stakeholders expect work on the project to resume, offering much-needed relief to homebuyers and helping restore faith in Noida’s luxury housing market.