Uttar Pradesh Real Estate Regulatory Authority Bench - , Lucknow Complaint Number — LKOl62/0/0346/209 06.0.202] Sharad Kumar & Others (as per the list attached) Complainants Versus Proplarity Homes Pvt.Ltd. Opposite Party ORDER Complaint No. Parties Name Depti Agarwal LKO62/09/2039/209 LKO62/09/852/209 Rajendra Prasad Bhatt LKO62/07/55622/2020 | Sushma Shukla LKO62/09/6758/2020 | Sanjay Bhargava and Anr. Complainant Sharad Kumar and 04 other complainant as per list attached have filed complaints/cases under Real Estate (Regulation and Development) Act, 206 Proplarity Homes Pvt.Ltd., Opposite Party/Respondent before U.P. RERA and the matter(s) were put up to this Bench at Lucknow Office. ee Since the nature of all these cases is similar viz non completion of the project/delivery of the Unit(s) booked by the complainants and reliefs sought from the Authority are refund of money paid to the Opposite Party/ Promoter with interest and with or without compensation are being clubbed and considered, jointly and a common Order is being passed.

The homebuyers have complained that the builder/Promoter/Opposite Party, Proplarity Homes Pvt.Ltd., had launched Pratham Elite project in Lucknow and collected money to the tune of crores. Counsels for complainants informed the Bench that Opposite Party/ Respondent has made a delay of many years. The due date for the completion of the project, as per the buyer’s agreement/ Agreement to Sale, has been over long back and project have been inordinately delayed. Complaint No. LKO62/0/0346/20I9 has been made the leading case. Where a complainant has booked a unit in Pratham Elite project in Lucknow and paid Rs. 6,00,000/- against this unit and date of possession according to agreement was year-206. But respondent failed to give possession in prescribed date, so complainants asked for the refund of the amount deposited. The same relief is sought by the other mentioned complaint. The respondent has not submitted any relevant documents in regards to the complaint filed by the complainants. Notwithstanding the same, the order passed by the NCLT is well noted on the file.

Learned Counsels for the complainants have informed that earlier the Corporate Debtor was functioning under the name of “Proplarity Homes Private Limited”, but thereafter the name of the Company is change and nowadays it is functioning under the name and title of “M/s Sparkspell Homes Private Limited”, which is in accordance to Section 23 of The Companies Act, 956 and also informed National Company Law Tribunal (NCLT), Allahabad Bench has initiated insolvency proceedings under Insolvency and Bankruptcy Code, 206 against the Opposite Party. Under Section 7 :- 7. (4) A financial creditor either by itself or jointly with other financial creditors may file an application for initiating corporate insolvency resolution process against a corporate debtor before the Adjudicating Authority when a default has occurred. Explanation.—For the purposes of this sub-section, a default includes a default in respect of a financial debt owed not only to the applicant financial creditor but to any other financial creditor of the corporate debtor. (2) The financial creditor shall make an application under sub-section [4] in such form and manner and accompanied with such fee as may be prescribed.

(3) The financial creditor shall, along with the application furnish— (a) record of the default recorded with the information utility or such other record or evidence of default as may be specified; (b) the name of the resolution professional proposed to act as an interim resolution professional; and (c) any other information as may be specified by the Board. (4) The Adjudicating Authority shall, within fourteen days of the receipt of the application under sub-section (2), ascertain the existence of a default from the records of an information utility or on the basis of other evidence furnished by the financial creditor under sub-section (3). (5) Where the Adjudicating Authority is satisfied that— (a) a default has occurred and the application under sub- section (2) is complete, and there is no disciplinary proceedings pending against the proposed resolution professional, it may, by order, admit such application; or (b) default has not occurred or the application under sub- section (2) is incomplete or any disciplinary proceeding is pending against the proposed resolution professional, it may, by order, reject such application: Provided that the Adjudicating Authority shall, before rejecting the application under clause (b) of sub-section (5), give a notice to the applicant to rectify the defect in his application within seven days of receipt of such notice from the Adjudicating Authority.

(6) The corporate insolvency resolution process shall commence from the date of admission of the application under sub-section (5). Loe (7) The Adjudicating Authority shall communicate— (a) the order under clause (a) of sub-section (5) to the financial creditor and the corporate debtor; (b) the order under clause (b) of sub-section (5) to the financial creditor, within seven days of admission or rejection of such application, as the case may be. Therefore, the proceedings i.e. the institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgment, decree or order before RERA, till the completion of the corporate insolvency resolution process, should be kept in abeyance. On 06--209, through NCLT Order Mr. Sudhir Kumar Shukla (IRP) has been appointed as Interim Resolution Professional. Under the circumstances, all the complaints which have so far been filed/ proceeding at various stages or are being filed against the Promoter/ Respondent / opposite Party i.e. Proplarity Homes Pvt. Ltd. are to be kept on abeyance till the insolvency proceedings under IBC are completed. Those buyers who have not able to filed claims should approach Interim Resolution Professional/National Company Law Tribunal. The next date may be fixed once the IBC proceedings are concluded. The order be uploaded on the portal. . Ker “७५००५ (Kalpana Mishra) Member, UP RERA