Ambuja Housing & Urban Infrastructure Company Ltd (AHUICL), from the Ambuja Neotia Group, has received approval from National Company Law Tribunal to take over the Usshar Project at Batanagar, as a part of the parcel-wise resolution of corporate debtor Riverbank Developers Pvt. Ltd.
As per the resolution plan approved by a division bench of NCLT, Kolkata, under the Insolvency and Bankruptcy Code (IBC), (AHUICL) will take over the asset parcel comprising Usshar residential project spread over approximately 9.4 acres.
As part of the approved plan, Ambuja Neotia will make an upfront payment of Rs 34 crore, with the acquisition limited strictly to the Usshar project.
This resolution marks a significant step towards the revival of a long-stalled housing development. The Usshar project forms part of a larger township spanning around 223.8 acres. Ambuja Neotia Group has committed to complete and handover residences to the Usshar home buyers, and has not taken over any liability of Riverbank Developers.
Harshavardhan Neotia, Chairman, Ambuja Neotia Group, said, “This approval brings clarity and stability to a project that has faced prolonged uncertainty. Our approach is to revive Usshar responsibly, with transparency and care for all stakeholders, especially homebuyers. We see this as an opportunity to restore confidence and deliver a well-planned residential development.”
With the NCLT’s approval now in place, Ambuja Neotia will initiate a structured revival of the Usshar project, with emphasis on regulatory compliance, financial discipline, and timely execution.
