Ambuja Neotia gets NCLT nod to buy Riverbank

The National Company Law Tribunal has approved Ambuja Neotia group's takeover of Riverbank Developers. This acquisition follows an insolvency resolution process. Riverbank Developers had admitted liabilities of over ₹2,300 crore. Ambuja Neotia will pay ₹34 crore upfront. This approval concludes Riverbank Developers' corporate insolvency resolution process. The revival plan can now be implemented.