In a recent ruling, the National Company Law Tribunal (NCLT) Allahabad Bench has directed a homebuyer to return ₹1 crore previously recovered through Uttar Pradesh Real Estate Regulatory Authority (UP RERA) proceedings after noting that the developer was undergoing Corporate Insolvency Resolution Process (CIRP). The Tribunal also restricted the admitted claim to ₹68.25 lakh.
The applicant, Renaissance Realty, had booked Unit No. KLP0082402 in the Jaypee Kalypso project and paid over ₹4.84 crore to Jaiprakash Associates Ltd (JAL), the corporate debtor. As possession was not delivered within the promised 36 months, the homebuyer approached UP RERA, which in October 2020 ordered JAL to hand over possession and pay…