In a significant development for Kolkata's real estate sector, the Ambuja Neotia Group has received the green light from the National Company Law Tribunal (NCLT) to take over and revive the long-stalled Usshar housing project in Batanagar. This move comes as part of the resolution process for the corporate debtor, Riverbank Developers Pvt Ltd.
A Parcel-Wise Resolution for a Major Land Parcel
The approval pertains specifically to a 9.4-acre parcel of the larger, much-discussed Batanagar development project. Originally, the total land involved was close to 230 acres, which was part of the holdings of shoe major Bata India. The resolution for Ambuja Housing & Urban Infrastructure Company Ltd (AHUICL) is strictly limited to the Usshar portion, for which the Ambuja group was the sole bidder.
It has been reported that other prominent entities, including the Keventer Group, Srijan, and DTC, have shown interest in the remaining approximately 220 acres of land. The project's history dates back to when Bata India initially collaborated with the Calcutta Metropolitan Group, forming Riverbank Developers. Bata exited the real estate venture in 2012, after which the company eventually went under the NCLT process.
The Approved Resolution Plan
As per the order from a division bench of the NCLT in Kolkata, operating under the Insolvency and Bankruptcy Code (IBC), the Ambuja Neotia Group will make an upfront payment of Rs 34 crore. Crucially, the acquisition is confined to the Usshar project, and the group has not taken over any liabilities from the erstwhile Riverbank Developers.
Sources close to the development highlighted that this resolution is a major step forward in breathing new life into a housing project that has been dormant for years. The Usshar project is an integral component of a larger township envisioned across the 230-acre tract.
Commitment to Revival and Stakeholder Assurance
Harshavardhan Neotia, Chairman of the Ambuja Neotia Group, stated that the NCLT approval brings much-needed clarity and stability to a project plagued by prolonged uncertainty. He emphasized the group's responsible approach to reviving Usshar, focusing on transparency and care for all stakeholders, with homebuyers being a top priority.
The company views this as an opportunity to restore confidence in the project and deliver a well-planned residential community. With the legal approval secured, Ambuja Neotia has announced it will now initiate a structured revival process for the Usshar project. This plan will heavily emphasize regulatory compliance, maintaining financial discipline, and ensuring timely execution to finally deliver the promised residences to the waiting homebuyers.
