Ensure Timely CIRP Claims Filing to Avoid Potential Losses
The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has notified allottees of several real estate projects to file claims with the insolvency resolution professional (IRP) following the initiation of the Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code (IBC). This action affects projects by developers such as Supertech Realtors, Supertech Township Projects, Ajnara Realtech, Rudra Buildwell Constructions, and Gayatri Hospitality.
Once CIRP is initiated by the National Company Law Tribunal (NCLT), a moratorium under Section 14 of the IBC is enforced. This moratorium restricts any court, tribunal, or authority from hearing complaints or enforcing existing orders against the debtor company. Consequently, UP-RERA has placed all pending complaints and enforcement proceedings in abeyance, emphasizing the urgency of CIRP claims filing.
The specific projects and their respective IRPs are as follows:
- Supertech Realtors: Projects include Supernova Phases 1 to 4, with Anju Agarwal as the IRP.
- Supertech Township Projects: Projects include Golf Country Phases 1 to 4, with Umesh Singhal as the IRP.
- Ajnara Realtech: Projects include Prime Tower and Le Garden Phases 1 to 4, with Amar Pal as the IRP.
- Rudra Buildwell Constructions: Project KBNOWS, with Mohit Goyal as the IRP.
- Gayatri Hospitality: Project Gayatri Aura, with Anand Sonbhadra as the IRP.
Sanjay Bhoosreddy, the chairman of UP-RERA, stressed the necessity of timely CIRP claims filing to avoid potential losses from any delays. The authority actively monitors NCLT orders and informs allottees to ensure they undertake CIRP claims filing in a timely manner, thereby safeguarding their interests.
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