Ambuja Neotia Group's subsidiary, Ambuja Housing & Urban Infrastructure Company (AHUICL), has received approval from the National Company Law Tribunal (NCLT) to take over the Usshar project in Batanagar.
The project is part of the larger Batanagar development, which was originally initiated by Bata India in collaboration with Calcutta Metropolitan Group, forming Riverbank Developers. However, Bata exited the project in 2012, and the company later went into insolvency. Ambuja's resolution deal involves acquiring a 9.4-acre portion of the total 230-acre site. The company has committed to making an upfront payment of Rs 34 crore for the acquisition.
Ambuja Neotia has pledged to complete and hand over residences to the Usshar homebuyers, but has not taken on any liabilities from the previous developer.