U.P. RERA Urges Allottees to File Claims with IRPs Amid Insolvency Proceedings for Five Real Estate Companies

Lucknow / Gautambudh Nagar/ August 24, 2024: The Uttar Pradesh Real Estate Regulatory Authority (U.P. RERA) has urged allottees of projects by Supertech Realtors Pvt. Ltd., Supertech Township Projects Ltd., Ajnara Realtech Ltd., Rudra Buildwell Constructions Pvt. Ltd., and Gayatri Hospitality Ltd. to promptly file their claims with the Insolvency Resolution Professionals (IRPs) appointed by the National Company Law Tribunal (NCLT) following the commencement of the Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code (IBC). Due to the moratorium under section-14 of the IBC, all legal proceedings against these companies are on hold, including those previously handled by U.P. RERA. 

The following is the list of the projects and the IRPs: 

Once CIRP is started under the orders of NCLT, moratorium under section-14 of the IBC comes into effect as result of which no Court or Tribunal or Authority can have jurisdiction to hear the complaints or cases against the debtor company or even to proceed with the enforcement of existing orders. Therefore, U.P. RERA also has placed the pending complaints of the allottees as well as the proceedings of enforcement of its existing orders in ‘abeyance’. 

U.P. RERA has also informed the allottees of these projects, who had filed complaints with it or who had an order or decree in their favour to immediately file their claims with the concerned IRP lest they should suffer any loss because of delay in filing such claims. RERA has taken care to inform the allottees notwithstanding the fact that the concerned IRPs also issue public notices in these matters.

Speaking on the occasion, Sanjay Bhoosreddy, Chairman, U.P. RERA, said that U.P. RERA keeps a track of the orders of the NCLT and as and when CIRP is started against a company, it promptly informs the allottees of such projects for filing their claims with the IRP so that they do not suffer on account of any delay in filing such claims or not filing the claims at all. Such negligence can really cause huge loss to such allottees. He also called upon the allottees of the projects of these five companies as also the allottees of any company that undergoes CIRP to always remain vigilant about their rights and claims.