NEW DELHI: Ambuja Housing & Urban Infrastructure Company (AHUICL), a subsidiary of Ambuja Neotia Group, has secured approval from the National Company Law Tribunal (NCLT) to acquire the Usshar Project in Batanagar as part of a parcel-wise resolution for the corporate debtor Riverbank Developers.
According to the resolution plan endorsed by a division bench of NCLT, Kolkata, under the Insolvency and Bankruptcy Code (IBC), AHUICL will assume control of the asset parcel comprising the Usshar residential project, which spans approximately 9.4 acres.
As outlined in the approved plan, the company will make an upfront payment of ₹34 crore, with the acquisition strictly limited to the project itself.
The Usshar project is part of a larger township that covers around 223.8 acres. The company is committed to completing and handing over residences to the Usshar home buyers and has not taken on any liabilities from Riverbank Developers.
