Firm Matters

Khaitan & Co advised Mr Shailendra Ajmera, the resolution professional (“RP”) of Supertech ORB Project Pvt Ltd (“Company”) along with Ernst & Young LLP, the Insolvency Professional Entity assisting the RP during the corporate insolvency resolution process of the Company (“CIRP”) which commenced on 13 October 2023 pursuant to the order passed by the Hon’ble National Company Law Tribunal, Allahabad (“Adjudicating Authority”). We subsequently advised the monitoring committee (“MC”) of the Company during the implementation of the approved resolution plan submitted by Brickboss Infra Private Limited (“SRA”). The Company is in the business of developing real estate projects and is developing a multi storied housing project in Sector 74, Supertech Cape Town, Noida, Uttar Pradesh under the name of ‘Supertech ORB Project’. 

The Firm was involved in day-to-day advisory to the RP in all aspects of the CIRP of the Company which inter alia included preparation of opinions, aiding the RP in management of Company, admission of claim, vetting of relevant documents including information memorandum, request for resolution plan etc. We also provided litigation support to the RP including appearance before Adjudicating Authority along with briefing of senior counsels.  

The resolution plan submitted by the SRA was negotiated and thereafter approved by 100% vote of the committee of creditors comprising of Assets Care & Reconstruction Enterprises Limited (acting in capacity as trustee of India Real Estate 2021 Trust) along with 98 allottees of the Company. The resolution plan settles the claims of all stakeholders at INR 420,86,00,000 (Indian Rupees Four Hundred and Twenty Crores and Eighty Six Lakhs). The resolution plan was approved by the Adjudicating Authority vide order dated 18 November 2025 and thereafter successfully implemented.

The CIRP for the Company involved addressing the complex claims of multiple allottees who previously allotted units by the erstwhile parent company of the Company i.e. Supertech Ltd, which itself is currently undergoing insolvency. Further, we also advised on the assessment and approval of the resolution plan while also representing the RP on litigation(s) challenging CIRP initiation/plan approval. We oversaw the implementation of the resolution plan including advising on the process for implementation, attending meeting(s) of monitoring committee, drafting and execution of definitive documents etc.