Kolkata, Dec 28 (PTI) The NCLT has approved a resolution plan submitted by Ambuja Housing and Urban Infrastructure Company Ltd (AHUICL) to take over and complete the stalled Usshar residential project
at Batanagar near Kolkata, a company statement said on Sunday.
The decision by the Kolkata bench of the National Company Law Tribunal (NCLT) marks a breakthrough in the "parcel-wise" resolution of the debt-ridden Riverbank Developers Private Ltd (RDPL), the original promoter of the 223.8-acre Calcutta Riverside township.
The Usshar project had been in a state of limbo for several years with no progress in construction, leaving hundreds of homebuyers in uncertainty.
Ambuja Neotia, which was previously associated with the project restricted to only management consultancy, has now committed to completing the remaining construction and handing over the residences to the buyers.
Under the terms of the court-approved plan, AHUICL, a subsidiary of the Ambuja Neotia Group, will acquire the 9.4-acre parcel dedicated to the Usshar project with an upfront payment of Rs 34 crore.
The resolution is specifically structured to isolate this residential asset from the broader financial liabilities of RDPL, which entered the Corporate Insolvency Resolution Process (CIRP) following defaults on bank loans.
Ambuja Neotia Group Chairman Harshavardhan Neotia stated that the approval brought much-needed clarity and stability to a project that has faced prolonged instability.
He emphasised that the group’s approach is to revive the Usshar project responsibly, with a focus on transparency and care for all stakeholders, particularly the homebuyers.
With the NCLT mandate now in place, the Ambuja Neotia Group is expected to initiate a structured revival plan immediately, the official said.
The focus will shift to regulatory compliance under the West Bengal Real Estate Regulatory Authority (WBRERA) and establishing a clear execution timeline, according to the statement.
Earlier reports indicated that financial creditors held an 83.24 per cent voting share in the committee of creditors, while homebuyers accounted for approximately 11.2 per cent.
The Ambuja Neotia group clarified that the acquisition was strictly limited to the Usshar project and did not involve the assumption of any other liabilities or debts of Riverbank Developers.
This "parcel-wise" resolution strategy is being viewed as a landmark move for the regional real estate sector, realtors said.
By carving out a single project from a mega-township, the tribunal has ensured that a viable segment of the development can move toward for completion without being held back by the legal and financial entanglements of the entire 262-acre site.
The larger township, which originally grew out of a redevelopment of the Bata India factory land, includes other residential phases, a golf course, and retail spaces that remain subject to separate resolution tracks. PTI BSM BDC
