Monday, August 24
Mumbai: The National Company Law Tribunal (NCLT) has approved the Ambuja Neotia group's acquisition of local realty firm Riverbank Developers through the insolvency resolution process with the developer having admitted liabilities of ₹2,358 crore. Ambuja Neotia has offered upfront payment of ₹ 34 crore to buy the indebted Kolkata-based developer.The company's secured financial creditors include HDFC Bank with dues of ₹1,325 crore and Vistra ITCL (India) with dues of ₹237 crore, among others. More than 90% of creditors by voting rights approved the Ambuja Neotia plan, which did not include further monetary details beyond the upfront payment to lenders. Apart from the Ambuja Neotia group's subsidiary Ambuja Housing & Urban Infrastructure, the other two companies, MKJ Enterprises
