Ambuja Neotia to complete long-stalled Usshar residential project

The NCLT has approved a resolution plan submitted by Ambuja Housing and Urban Infrastruc-ture 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 Rs34 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) follow-ing defaults on bank loans.