NCLT approves Ambuja Neotia group’s resolution plan for Riverbank Developers’ 9.4-acre project

The National Company Law Tribunal (NCLT) has approved the Ambuja Neotia group’s acquisition of a land parcel of Riverbank Developers Pvt Ltd.

Ambuja Housing and Urban Infrastructure Company Ltd emerged as the successful resolution applicant for a residential project. The project, spread over around 9.4 acres, forms part of a larger township of around 223.8 acres. The Ambuja Neotia group’s plan proposed a payment of Rs 34 crore.

Before the tribunal’s approval, over 90% of creditors by voting rights approved the Ambuja Neotia group’s plan.


Kolkata-based Riverbank Developers is going through the insolvency resolution process, with the developer having admitted liabilities of Rs 2,358 crore. The resolution of the remaining assets of Riverbank Developers is yet to be concluded, and as per the latest directions of the tribunal, fresh expressions of interest are being invited for all assets other than this project.

The company’s secured financial creditors include HDFC Bank with dues of Rs 1,325 crore and Vistra ITCL (India) Ltd with dues of Rs 237 crore, among others.

Apart from Ambuja Housing & Urban Infrastructure, the other two companies, MKJ Enterprises Ltd and DTC Projects Pvt Ltd, had also shown interest in acquiring the land parcel through the insolvency resolution process.

Riverbank Developers was admitted into CIRP in April 2024, following an application filed by Canara Bank. The company is engaged in real estate development and has a significant exposure to homebuyers. As per the tribunal’s order, the corporate debtor had 2,493 allottees, with claims from 2,471 homebuyers admitted during the resolution process.

The resolution professional had invited expressions of interest from prospective resolution applicants and received three resolution plans. After multiple rounds of discussions, negotiations and evaluation meetings, the committee of creditors (CoC) approved the plan submitted by Ambuja Housing & Urban Infrastructure Company Ltd with a 90.61% voting share.

In its order, the NCLT observed that the approved resolution plan complies with the provisions of the IBC and the applicable insolvency regulations. The tribunal also noted that the plan provides for payment of insolvency resolution process costs in priority and sets out the treatment of claims of secured financial creditors, other creditors and homebuyers.