NGT Asks Central Government to Initiate Proceedings UP Housing Board

                 NEW DELHI: Uttar Pradesh real estate 
regulatory authority (UP-RERA) has informed 
the allottees of the projects of Supertech 
Realtors, Supertech Township Projects, Ajnara 
Realtech, 
Rudra Buildwell Constructions and Gayatri 
Hospitality to immediately file their claims 
before the insolvency resolution professional 
(IRP) appointed by the NCLT, consequent on 
start of 
CIRP under the Insolvency and Bankruptcy 
Code (I.B.C.).
Once CIRP is started under the orders of NCLT, 
moratorium under  section 14 of the IBC and 
appointed IRPs. Once CIRP is started under the 
orders of NCLT, moratorium under section-
14of the IBC comes into effect as result of 
which no court or tribunal or authority can have 
jurisdiction to hear the complaints or cases 
against the debtor company or even to 
proceed with 
the enforcement of existing orders.

UP RERA also has placed the pending 
complaints of the allottees as well as the 
proceedings of enforcement of its existing 
orders in ‘abeyance’.

“UP RERA keeps a track of the orders of the 
NCLT and as and when CIRP is started against 
a company, it promptly informs the allottees of 
such projects for filing their claims with the 
IRP so that they do not suffer on account of 
any delay in filing such claims or not filing the 
claims at all. Such negligence can really cause 
huge loss to such allottees,” said Sanjay 
Bhoosreddy, Chairman , UP RERA.

Source : The Economic Time