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

The Real Estate Regulatory Authority (RERA) has directed allottees of five Noida projects facing insolvency to file their claims with the Insolvency Resolution Professional (IRP). The move aims to address the financial distress of these projects and facilitate the recovery process for affected buyers. The insolvency proceedings will impact project timelines and buyer refunds, highlighting the need for effective resolution mechanisms in the real estate sector. RERA's intervention is intended to protect consumer interests and ensure transparency in the resolution process.