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During CIRP, RERA Can’t Help — Buyers Must File Claims with Insolvency Professionals Only.

129 Real Estate Projects Enter Insolvency; Homebuyers Directed to Contact IRPs, Not UP-RERA.                                                                                                                     

UP-RERA has issued a public advisory after 129 real estate projects from 14 developers were admitted into the Corporate Insolvency Resolution Process (CIRP) by the NCLT between January 2024 and now. Once a project enters CIRP, a moratorium is enforced under Section 14 of the Insolvency and Bankruptcy Code (IBC), suspending all legal, regulatory, and recovery proceedings. This means UP-RERA cannot hear complaints or take action on these projects until the moratorium is lifted. Homebuyers affected by these stalled or distressed projects must now submit their claims directly to the Insolvency Resolution Professionals (IRPs) using the prescribed IBBI/NCLT forms, like Form CA. UP-RERA has advised buyers to stay in constant touch with IRPs for updates on project status, CoC meetings, and next steps. The complete list of impacted projects is available on the regulator’s website. Buyers have been urged to rely only on official IRP or NCLT communication.