UP RERA has put on hold complaints by buyers against Supertech Township Projects Ltd., Ajnara Realtech Ltd., Rudra Buildwell Constructions Pvt. Ltd. and Gayatri Hospitality Ltd.
NCLT has imposed a moratorium on the affairs of these promoters under Section 14 of the IBC and has appointed the IRPs.
Once the CIRP is initiated as per the orders of the NCLT, the moratorium under Section 14 of the IBC comes into effect, as a result of which no court or authority can have jurisdiction to hear the complaints or cases against the debtor company or even to proceed with the execution of the existing orders.
UP RERA has also put on hold pending complaints of allottees as well as enforcement proceedings of its existing orders.
“UP RERA keeps a record of NCLT orders and whenever a CIRP is initiated against a company, it immediately informs the allottees of such projects to file their claims before the IRP so that they do not suffer due to delays in filing such claims or failure to file them at all. Such negligence can cause huge losses to such allottees,” said Sanjay Bhoosreddy, Chairman, UP RERA.
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