NEW DELHI: The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has issued a public advisory after 129 real estate projects belonging to 14 developers were admitted into the Corporate Insolvency Resolution Process (CIRP) before the National Company Law Tribunal (NCLT) between January 2024 and now.
With insolvency proceedings underway, UP-RERA has asked affected homebuyers to file their claims exclusively with the Insolvency Resolution Professionals (IRPs) appointed for each project, as mandated under the Insolvency and Bankruptcy Code (IBC).
RERA jurisdiction suspended during moratorium
UP-RERA clarified that once a project is admitted into CIRP, a moratorium under section 14 of the IBC comes into effect. During this period, all legal, regulatory and recovery proceedings are suspended, which means the authority cannot hear complaints, pass enforcement orders or continue proceedings for these projects until the moratorium is lifted.
All grievances and claims must now be addressed through the CIRP framework and handled by the IRPs, the authority said.
Homebuyers asked to file claims with IRPs
The regulator has urged homebuyers of the affected projects to submit their claims promptly through the prescribed IBBI/NCLT claim forms, such as Form CA and other applicable formats, to ensure their dues are formally recorded in the resolution process.
UP-RERA said that buyers should stay in regular contact with the IRPs for updates on project status, CoC meetings and further directions issued during the insolvency process. The list of impacted projects has been made available on the regulator’s website.
The authority reiterated that it cannot intervene until the moratorium ends and advised homebuyers to rely only on official communication issued by IRPs or NCLT regarding further proceedings.
