Ambuja Neotia Group Gets NCLT Approval

News Desk, News Nation 360 : The National Company Law Tribunal has given Ambuja Housing & Urban Infrastructure Company Ltd (AHUICL), a member of the Ambuja Neotia Group, permission to assume control of the Usshar Project in Batanagar as part of the corporate debtor Riverbank Developers Pvt. Ltd's parcel-wise settlement. In accordance with the resolution plan authorised by a division bench of the NCLT, Kolkata (AHUICL), would assume ownership of the asset parcel containing the Usshar residential project, which spans approximately 9.4 acres, in accordance with the Insolvency and Bankruptcy Code (IBC). Ambuja Neotia will pay Rs 34 crore up front as part of the authorised plan, and the acquisition would only be used for the Usshar project. This resolution represents a significant step toward reviving a long-stalled housing development. The Usshar project is a portion of a larger township that is around 223.8 acres in size. Riverbank Developers' liabilities have not been assumed by Ambuja Neotia Group, which has promised to finish and deliver homes to Usshar property buyers. Harshavardhan Neotia, Chairman, Ambuja Neotia Group, stated that this approval gives a project that has endured protracted uncertainty clarity and stability. Their strategy is to responsibly revitalise Usshar while being open and considerate to all parties involved, particularly homebuyers. They see this as a chance to provide a well-thought-out residential development and rebuild trust.

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