5 Builders in Noida Facing Insolvency Challenges

Five builders in Noida are in financial trouble and facing insolvency proceedings. The Uttar Pradesh Real Estate Regulatory Authority (UP RERA) has now asked people who have invested in these builders' projects to file their claims with a special professional called an Insolvency Resolution Professional (IRP). 

UP RERA Chairman Sanjay Bhoosreddy is urging investors to quickly submit their claims and documents to the IRP to avoid losing any money. The builders in trouble are Supertech Realtors Private Limited, Supertech Township Projects Limited, Ajnara Realtech Limited, Rudra Buildwell Constructions Private Limited, and Gayatri Hospitality Realcom Limited.

This news is a relief for home buyers who have been waiting for their homes for a long time and have been worried due to the builders' financial problems. Earlier this year, the National Company Law Tribunal (NCLT) gave permission to start insolvency proceedings against these five builders.

UP RERA officials have said that Supertech Realtors' projects, including Supernova Phase 1, 2, 3, and 4, are now part of the NCLT proceedings. The Supertech Township Project’s Golf Country Phase 1, 2, 3, and 4, Ajnara Realtech’s Prime Tower, Lee Garden, and its various phases, as well as projects from Rudra Buildwell and Gayatri Hospitality Realcon, are also in the same situation. According to the rules, once a project is included in the Corporate Insolvency Resolution Process (CIRP), no court or tribunal can take up any new complaints against the builder.

After the case has gone to NCLT, UP RERA will not handle any more complaints from buyers. Complaints will be put on hold, and any previous orders will not be enforced. Therefore, buyers need to go to the IRP appointed by NCLT to claim their rights. The IRP will also issue public notices asking for objections and claims. UP RERA Chairman Sanjay Bhoosreddy has mentioned that UP RERA is letting buyers know through its website and email once the case is with NCLT.