Uttar Pradesh Real Estate Regulatory Authority Bench - l, Greater Noida Office Complaint No. NCR744/0/098/2020 Dilip Kumar Pahadsingh Versus Jay Pee Infratech Ltd - Opposite party ORDER Complainant Dilip Kumar Pahadsingh as per have filed complaint/cases under Real Estate (Regulation and Development) Act, 20I6 against Jai Prakash Infratech Ltd ,Opposite Party/Respondent before U.P.RERA and the matter(s) were put up to this Bench at Greater Noida Office. Notice(s) were issued to Opposite Party i.e. Jai Prakash Infratech Ltd and in reply it was stated that insolvency proceedings under Insolvency and Bankruptcy Code (IBC), 206 against the Opposite Party are pending in NCLT and the IRP (Interim Resolution Professional) has been appointed. Hence under the provision Sec 7 of the IBC proceedings against JIL are cannot proceed at this stage. 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 monies 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, Jai Prakash Infratech Ltd, had launched many projects in Noida and Greater Noida and collected money to the tune of thousands of crores. Counsels for complainants informed the Bench that Opposite

Checked By Pranjal Mishra yo Party/ Respondent had started construction in few projects but discontinued construction at various stages. The due date for the completion of those projects, as per the buyer’s agreement/ Agreement to Sale, has been over long back and projects have been inordinately delayed. Complaint No. NCRI44/09/003/209 has been made the leading case.. Respondent filed an application and said this project is under insolvency because IDBI bank instituted a case under section 7 of IBC, 20I6 against JayPee Infratech Ltd., which was admitted by NCLT, Allababad and vide order dated 9.8.20!7 IRP was appointed. Allahabad bench further, prohibited the institution of suits or continuation of pending suit or proceeding against JIL, including execution of any judgment, decree or order in any court of law, tribunal arbitration panel or other authority, The said order passed by NCLT was challenged in Writ Petition (Civil) No. 444/20I7 before the Hon'ble Supreme Court, The Hon'ble Supreme court vide its order dated |!.9.20!7 was pleased to direct that all suits and proceeding instituted against JIL shall in terms of Section 4()(a) remain stayed. In the view of that order, respondent prayed that proceeding of the instant complaint has stayed till disposal of insolvency matter against the answering opposite party.

Learned Counsels for the complainants have informed that National Company Law Tribunal (NCLT), New Delhi Bench has initiated insolvency proceedings under Insolvency and Bankruptcy Code (IBC), 20l6 against the Opposite Party. On June 6, 20I8, the insolvency proceedings have commenced and Mr Anuj Jain (CA) has been appointed as Interim Resolution Professional. In view of the above, the moratorium under Section [4 of IBC should be applicable for the matters before RERA. Section 4 of IBC is reproduced as under: 44, Moratorium ~- (7) Subject to provisions of sub-sections (2) and (3), on the insolvency commencement date, the Adjudicating Authority shall by order declare moratorium for prohibiting all of the following, namely: (a) the institution of suits or continuation of pending suits or proceedings against the corporaie debtor including execution of any judgement, decree or order in any court of law, tribunal, arbitration panel or other authority; Ye Checked By Pranjal Mishra (b) transferring, encumbering, alienating or disposing off by the corporate debtor any of its assets or any legal right or beneficial interest therein; (c) any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002);

(a) (a) The recovery of any property by an owner or lessar where such property is occupied by or in the possession of the corporate debtor. (2) The supply of essential goods or services to the corporate debtor as may be specified shall not be terminated or suspended or interrupted during moratorium period. (3) The provisions of sub-section (7) shall not apply to (a) such transaction as may be notified by the Central Government consultation with any financial regulator; (b) a surety in a contract of guarantee to a corporate debtor. (4) The order of moratorium shall have effect from the date of such order till the completion of the corporate insolvency resolution process: Provided that where at any time during the corporate insolvency resolution process period, if the Adjudicating Authority approves the resolution plan under sub-section (7) of section 3] or passes an order for liquidation of corporate debtor under section 33, the moratorium shall cease to.have effect from the date of such approval or liquidation order, as the case may be. ——— — = —— — eee ——eeE—— eel Checked By Pranjal Mishra Therefore, the proceedings i.e. the institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgement, decree or order before RERA, till the completion of the corporate insolvency resolution process, should be kept in abeyance.

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 Jai Prakash Infratech 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 orders be uploaded on the portal. 0486: | 0/ 62/2020 tee \s 2" (Kalpana Misra) (Member), UP RERA _ eee | Checked By Pranjal Mishra