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, bringing hope for completion of delayed housing projects and repayment to creditors. The plan, submitted by Brickboss Infra Private Limited, a subsidiary of Ametek Buildtech India Private Limited, was approved by the Tribunal on Tuesday, marking a significant step in the corporate insolvency resolution process (CIRP) initiated over two years ago.
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…