Homebuyers of 129 Projects Should Contact IRPs, Not UP-RERA
NEW DELHI: The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has released a public advisory following the admission of 129 real estate projects from 14 developers into the Corporate Insolvency Resolution Process (CIRP) at the National Company Law Tribunal (NCLT) from January 2024 to the present. As insolvency proceedings commence, UP-RERA has instructed affected homebuyers to submit their claims exclusively to the appointed Insolvency Resolution Professionals (IRPs) for each project, as per the guidelines of the Insolvency and Bankruptcy Code (IBC). RERA jurisdiction suspended during moratorium UP-RERA stated that once a project enters the CIRP, a moratorium under section 14…