Reuters.The Supertech ORB project, managed by the indebted Supertech group, has been admitted into the Corporate Insolvency Resolution Process (CIRP) by the Prayagraj National Company Law Tribunal (NCLT). This decision follows a plea from Assets Care and Reconstruction Enterprises Limited (ACRE) regarding a defaulted debt repayment of Rs. 482 crore, including both principal and interest.
Shailendra Ajmera of Go First has been appointed as Supertech’s interim resolution professional following the insolvency admission. The defaulted debt in question was originally a Rs 349 crore loan given to Supertech ORB by Altico Capital Ltd in 2017, which ACRE took over subsequently.
The failure of Supertech ORB to meet its repayment obligations led…
Read the full article at: https://au.investing.com/news/stock-market-news/supertech-orb-project-faces-insolvency-over-defaulted-debt-93CH-3005716