AmbujaNeotia Group Gets NCLT Approval to Take Over Stalled Usshar Housing Project in Kolkata

The National Company Law Tribunal (NCLT) has approved the resolution plan submitted by the Ambuja Neotia Group to take over the stalled Usshar residential project in Batanagar, Kolkata, bringing long-awaited clarity and hope to affected buyers.

Under the tribunal’s order, Ambuja Housing & Urban Infrastructure Company Ltd (AHUICL), a subsidiary of Ambuja Neotia, will acquire the 9.4-acre Usshar parcel. This move is part of a parcel-wise resolution strategy under the Insolvency and Bankruptcy Code (IBC) for Riverbank Developers Pvt Ltd, the original developer of the larger township.

Originally part of a 230-acre township, the Usshar project had remained incomplete for years, leaving homebuyers in limbo. The approved plan involves an upfront payment of ₹34 crore, with Ambuja Neotia not assuming any past liabilities of the earlier developer. Most importantly, the group has committed to resuming construction and delivering homes to existing buyers.

Commenting on the development, Harshavardhan Neotia, Chairman of Ambuja Neotia Group, emphasised the importance of transparency, fiscal discipline, and timely execution in reviving the long-delayed project.

Beyond this single project, the decision is being seen as a landmark moment for India’s real estate sector. The parcel-wise resolution approach allows financially viable portions of stalled developments to move forward independently, without being held back by broader legal or financial challenges.

With construction set to restart, the takeover is expected to restore confidence among homebuyers and investors, while reinforcing Ambuja Neotia’s long-standing commitment to quality housing and responsible urban development in Kolkata.

A positive step forward, for homebuyers, for the city, and for the future of real estate in Kolkata.