Kolkata: Ambuja Housing & Urban Infrastructure Company of Ambuja Neotia Group has received the National Company Law Tribunal (NCLT) approval to take over the Usshar project in Batanagar.
This is part of the parcel-wise resolution of corporate debtor Riverbank Developers.
The land was part of the much-talked-about Batanagar development project and was originally owned by Bata India.
Total land for the project was close to 230 acres, while the resolution was for 9.4 acres.
The Keventer Group, Srirangam and DTC have expressed interest in 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 Riverbank Developers.
Bata exited the real estate project in 2022 and Riverbank went to NCLT.
As per NCLT, Ambuja Neotia will make an upfront payment of Rs 34 crore, with the acquisition limited strictly to the Usshar project.
The Usshar project forms part of a larger township spanning around 230 acres.
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