The National Company Law Tribunal (NCLT) has approved the resolution plan submitted by the Ambuja Neotia Group to take over the stalled Usshar residential project in Batanagar, Kolkata, bringing relief to homebuyers who had been awaiting completion for years.
Under the tribunal’s order, Ambuja Housing & Urban Infrastructure Company Ltd (AHUICL), a subsidiary of the group, will acquire the 9.4-acre parcel associated with the Usshar project. This acquisition is part of a parcel-wise resolution strategy under the Insolvency and Bankruptcy Code (IBC) for Riverbank Developers Pvt Ltd, the original developer of the larger township.
The Usshar project was initially part of a 230-acre township, previously managed by Riverbank Developers and earlier linked to Bata India. The project had faced significant delays, leaving many homebuyers uncertain about delivery timelines.
As per the approved plan, Ambuja Neotia will make an upfront payment of ₹34 crore for the Usshar parcel. The acquisition covers only this portion of the land, and the company will not assume liabilities of Riverbank Developers. Ambuja Neotia has committed to completing the construction and delivering homes to existing buyers.
Harshavardhan Neotia, Chairman of Ambuja Neotia Group, said the NCLT’s approval provides much-needed clarity and stability for the long-delayed project. He emphasised that the group intends to revive the Usshar development with transparency, fiscal discipline, and a clear focus on timely execution.
The parcel-wise resolution approach adopted by the NCLT is being seen as a significant step in the real estate sector. It allows viable segments of larger stalled projects to move forward without being held back by financial or legal complications tied to the parent development. Other parcels from the larger Riverbank Developers portfolio have attracted interest from other firms, while the Usshar parcel has been exclusively secured by Ambuja Neotia.
With construction set to resume, the takeover is expected to bring relief and confidence to homebuyers and investors, while reinforcing Ambuja Neotia’s commitment to delivering quality housing in the Kolkata region.
