The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has taken a crucial step to protect property allottees in the wake of insolvency proceedings against several builders. Following the initiation of the Corporate Insolvency Resolution Process (CIRP) by the National Company Law Tribunal (NCLT), UP-RERA has informed allottees of projects by Supertech Realtors, Supertech Township Projects, and Rudra Buildwell Constructions to immediately file their claims with the appointed Insolvency Resolution Professional (IRP).

Under the Insolvency and Bankruptcy Code (IBC), once CIRP begins, a moratorium under Section 14 of the IBC is enforced. This moratorium halts all legal proceedings against the debtor company, including those pending before UP-RERA. Consequently, UP-RERA has placed the pending complaints and enforcement of existing orders in ‘abeyance,’ emphasizing the need for allottees to file their claims promptly.

For property allottees, filing a claim with the IRP is essential to safeguard their investments. The IRP is responsible for assessing these claims and preparing a resolution plan that could include restructuring debts or liquidating assets. UP-RERA’s advisory aims to ensure that allottees do not suffer financial losses due to delays in filing their claims.

The process of filing claims requires careful documentation, including the sale agreement, payment receipts, and communication with the builder. Allottees are urged to submit their claims within the specified timeframe to avoid forfeiting their rights. Legal assistance is recommended to ensure the accuracy and completeness of the claim submission.

UP-RERA's prompt action in informing allottees reflects its commitment to protecting the interests of property buyers in Noida. This situation highlights the importance of staying informed and proactive, especially in the complex landscape of real estate investment.

As the insolvency proceedings unfold, the real estate market in Noida may experience some fluctuations. Investors and homebuyers should remain vigilant and consider the long-term implications of such developments on their property investments.

In conclusion, UP-RERA’s guidance is a vital resource for allottees navigating the challenges posed by builder insolvency. By acting swiftly and filing claims with the IRP, allottees can protect their investments and ensure their rights are upheld.

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