NCLT approves Ambuja Neotia's acquisition of Riverbank
pre-market1 source ↓written by the desknot a recommendation
- amid liabilities
- ₹2,358 crore
- was offered
- ₹34 crore
- approving the plan
- 90% of creditors
The National Company Law Tribunal (NCLT) has approved Ambuja Neotia's acquisition of Riverbank Developers amid liabilities of ₹2,358 crore. An upfront payment of ₹34 crore was offered, with over 90% of creditors approving the plan. This move strengthens Ambuja Neotia's position in the real estate sector, enhancing its portfolio in Kolkata.
• Secured creditors include HDFC Bank (₹1,325 crore) and Vistra ITCL (₹237 crore).
• Other interested bidders included MKJ Enterprises and DTC Projects.
Not investment advice. For informational purposes only.