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The National Company Law Tribunal has approved a resolution plan submitted by Ambuja Housing and Urban Infrastructure Company Ltd to take over and complete the long-stalled Usshar residential project at Batanagar near Kolkata. The approval enables a parcel-wise resolution of the debt-laden Riverbank Developers Private Ltd, the original promoter of the larger Calcutta Riverside township. Under the plan, the Ambuja Neotia Group subsidiary will acquire the 9.4-acre Usshar parcel for an upfront payment of INR 34 crore and complete the remaining construction. The move is expected to bring relief to homebuyers who have faced prolonged uncertainty and allow the project to progress independently of broader liabilities.
The Kolkata bench of the National Company Law Tribunal has approved a resolution plan submitted by Ambuja Housing and Urban Infrastructure Company Ltd for the takeover and completion of the stalled Usshar residential project at Batanagar, on the outskirts of Kolkata. The decision enables a parcel-wise resolution of Riverbank Developers Private Ltd, the original promoter of the 223.8-acre Calcutta Riverside township, which has been undergoing insolvency proceedings. Advertisement
The Usshar project had remained stalled for several years with no construction progress, leaving hundreds of homebuyers awaiting clarity on possession. Ambuja Neotia Group, which had earlier been associated with the project in a limited management consultancy role, has now committed to completing the remaining construction and handing over homes to buyers.
As per the tribunal-approved plan, Ambuja Housing and Urban Infrastructure Company Ltd, a subsidiary of the Ambuja Neotia Group, will acquire the 9.4-acre parcel earmarked for the Usshar project through an upfront payment of INR 34 crore. The resolution has been structured to ring-fence the residential asset from the wider financial liabilities of Riverbank Developers, which entered the corporate insolvency resolution process following defaults on bank loans.
The group's chairman indicated that the approval provides long-awaited clarity and stability to a project that has seen prolonged disruption. He stated that the revival would be undertaken responsibly, with an emphasis on transparency and safeguarding the interests of all stakeholders, particularly homebuyers.
With the NCLT approval in place, the group is expected to initiate a structured revival process, focusing on regulatory compliance under the West Bengal Real Estate Regulatory Authority and setting out a clear execution timeline. Earlier disclosures showed that financial creditors held an 83.24 per cent voting share in the committee of creditors, while homebuyers accounted for about 11.2 per cent.
The Ambuja Neotia Group clarified that the acquisition is restricted solely to the Usshar project and does not involve taking over any other liabilities of Riverbank Developers. The parcel-wise resolution approach has been viewed as a significant step for the regional real estate sector, allowing a viable residential project to move towards completion without being constrained by legal and financial issues linked to the larger township, which remains subject to separate resolution processes.
Source - PTI
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