Archive · 30 Dec 2025
NCLT Orders Re-Bid for Batanagar Land Parcel
The National Company Law Tribunal in Calcutta has ordered a re-bid for a land parcel in Batanagar, which includes a part where many people have bought apartments but haven't received them yet.
This land belongs to a company called Riverbank Developers Pvt Ltd, which went bankrupt.
Over 2,300 people have bought apartments here and have paid most of the money, but the project is not finished.
The tribunal said that these homebuyers should not be forced to complete the project themselves.
They want the land to be open to all bidders, not just the homebuyers, to find a good solution.
This decision might help other similar projects in India where people are waiting for their homes.
NCLT orders re-bid for Batanagar land parcel, including Parcel 3, to attract serious and credible bidders.
Parcel 3 (Hiland Green Phase II, towers 11-20) is 80-85% complete, with homebuyers having made 90% of payments.
Previous round of bidding kept Parcel 3 only for the association of homebuyers, but they were not willing to complete the project.
The bench observed that homebuyers cannot be forced to complete their own project incurring further expenditure and liability.
Homebuyers constitute a separate class of creditors and may be afforded a treatment not different from other financial creditors in the CIRP.
- Who
- National Company Law Tribunal (Calcutta bench), homebuyers, Riverbank Developers Pvt Ltd (RDPL), Canara Bank, Ambuja Neotia group, MKJ Enterprise, DTC Projects Pvt Ltd
- What
- NCLT orders re-bid for Batanagar land parcel, including Parcel 3, to attract serious and credible bidders
- When
- Not specified
- Where
- Batanagar township, Calcutta
- Why
- To resolve the stalled real estate project and provide a solution for stranded homebuyers
- Land Parcel
- Parcel 3 (Hiland Green Phase II, towers 11-20)
- Area
- 12.33 acres
- Homebuyers Affected
- Over 2,300
- Completion Status
- 80-85% complete
- Payments Made
- 90% of payments made by homebuyers
- Previous Bidders
- MKJ Enterprise (Keventer), DTC Projects Pvt Ltd
- Successful Bidder for Other Parcel
- Ambuja Neotia group (₹34 crore for Usshar project)