5 Noida projects face insolvency, Rera asks allottees to file claims with IRP

Ghaziabad: Homebuyers of five residential projects in Noida, which are undergoing corporate insolvency resolution process, can now file their claims with the interim resolution professional, UP Rera chairman Sanjay Bhoosreddy said.
Earlier this year, the National Company Law Tribunal (NCLT) gave its nod to initiate insolvency proceedings against five developers, including Supertech Realtors Pvt Ltd’s Supernova (phase 1, 2, 3 and 4) and Supertech Township Projects Ltd; Golf Country (phases 1, 2, 3 and 4); Ajnara Realtech Ltd’s Le Garden Prime Tower (tower P), Le Garden (phases 1, 2, 3 and 4) and Le Garden (towers A, B and C); Rudra Buildwell Construction Pvt Ltd’s KBNOWS Apartments; and Gayatri Hospitality Ltd’s Gayatri Aura.
“After CIRP is initiated against a project, UP Rera informs all allottees of such projects to file their claims with the IRP so that they do not suffer losses on account of any delay or non-filing of claims,” the Rera chairman said. As per the rule, once a project is admitted into CIRP, no court or tribunal can take up complaints or cases against a debtor company.
The real estate regulator has also revoked the registration of 72 projects across UP on various grounds of violations under section 7 of the Rera Act. Of these, 63 are in GB Nagar and three in Ghaziabad.
Section 7 of the Act states the regulatory authority can revoke the registration of a project if it fails to meet the requirements of the Act, rules, or regulations, violates the terms or conditions of the approval, or is involved in unfair practices or irregularities.
For non-compliance with its orders, the regulatory authority has imposed a penalty of Rs 37.5 crore against 115 developers. It also imposed a Rs 9 crore fine against 120 developers for misleading advertisements and a Rs 18 crore penalty for non-filing quarterly progress reports in connection with 1,048 projects.
Meanwhile, about Rs 10 crore in fines has been recovered from 225 promoters for violation of section 3 of the UP Rera Act.
According to Rera officials, 60% of the total 54,730 complaints were filed in e-courts from GB Nagar. “We have also ensured the settlement of properties of the allottees worth Rs 600 crore in nearly 1,500 cases through the conciliation forum,” said the official.