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…