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UP RERA has informed homebuyers that 129 real estate projects developed by 14 companies are currently under the Corporate Insolvency Resolution Process, and therefore, buyers must submit their claims only to the Insolvency Resolution Professionals appointed by the NCLT. The authority explained that a moratorium under the Insolvency and Bankruptcy Code is in force, which prevents RERA from conducting hearings, issuing orders, or enforcing past directions for these projects. Buyers have been advised to file claims in the prescribed IBBI forms and stay updated through their respective IRPs.
UP RERA issued a detailed advisory after 129 real estate projects developed by 14 different companies were taken into the Corporate Insolvency Resolution Process by the NCLT over the past months. Since these projects are now legally under the insolvency framework, the authority clarified that buyers must communicate only with the Insolvency Resolution Professionals appointed for each project and follow the process laid out under the Insolvency and Bankruptcy Code. Advertisement
Once a project enters the insolvency process, a moratorium under Section 14 of the code automatically becomes applicable. This restricts all legal and regulatory action, including those under RERA. Because of this restriction, UP RERA cannot hold hearings, continue earlier proceedings, or issue enforcement orders for any of the 129 affected projects until the moratorium is lifted by the tribunal.
The authority pointed out that many buyers continue to approach RERA for relief on delayed possessions, interest claims, or execution of earlier orders. It clarified that these matters cannot be taken up during the moratorium period and that the only valid route available to buyers at this stage is through the IRPs managing the insolvency cases.
Homebuyers have been advised to file their claims using the required IBBI or NCLT forms, such as Form CA or any other relevant format mentioned in the public notices. The advisory highlighted the importance of filing claims on time so that the IRPs can verify them and include eligible buyers as part of the Committee of Creditors, where applicable.
UP RERA has also recommended that buyers stay in regular contact with their project's IRP to receive updates on claim verification, progress in the resolution process, and information about any meetings or directions issued by the tribunal. The authority said that buyers should rely only on official communication released by the IRPs or the NCLT to avoid confusion.
The advisory noted that updates about all insolvency-linked projects, including the list of companies, project names and IRP contact details, are available on the NCLT and IBBI platforms. RERA has made it clear that it will resume proceedings only after the tribunal lifts the moratorium or completes the resolution process.
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