Ambuja Neotia Group gets NCLT nod to take over Usshar project
Times of India | 29 December 2025
Kolkata: Ambuja Housing & Urban Infrastructure Company Ltd (AHUICL) of Ambuja Neotia Group has received National Company Law Tribunal (NCLT) approval to take over the Usshar project in Batanagar, as part of the parcel-wise resolution of corporate debtor Riverbank Developers Pvt Ltd.
The land was part of the much talked about Batanagar development project and was originally with the shoe major Bata India. Total land for the project was close to 230 acres while the resolution was for 9.4 acres.
It was learnt that Keventer Group, Srijan and DTC have expressed interest for the rest of the land, close to 220 acres. Ambuja group was the sole bidder for the Usshar portion.
Initially, Bata India joined hands with Calcutta Metropolitan Group for the project and formed the company Riverbank Developers. Bata exited the real estate project in 2012. Later Riverbank went to NCLT.
As per the resolution plan approved by a division bench of NCLT, Kolkata, under the Insolvency and Bankruptcy Code (IBC), 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 (project) development," sources close to the development said.
The Usshar project forms part of a larger township spanning around 230 acres. Ambuja Neotia Group has committed to complete and handover residences to the Usshar homebuyers, and has not taken over any liability from 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."
The company has added that 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.