The Maharashtra Real Estate Regulatory Authority (MahaRERA) has adjourned a complaint filed by Gayatri Ramesh Gurudu against Karrm Infrastructure Private Limited due to ongoing insolvency proceedings involving the respondent. The hearing was conducted via video conferencing, where the complainant appeared in person, but no representatives from the respondent companies were present.
Gurudu filed her complaint on September 21, 2024, seeking a full refund along with interest and compensation for her booking of a flat in the Karrm Panchtatva-2 project, registered under MahaRERA as P51700010325. The flat in question is located in Kasagaon, Thane, and measures approximately 200.02 sq. ft. of carpet area.
During the hearing, MahaRERA reviewed records indicating that M/s. VSJ Investment Pvt Ltd had filed a petition against Karrm Infrastructure under the Insolvency and Bankruptcy Code, claiming over ₹290 crore. The National Company Law Tribunal (NCLT) had admitted the case on February 29, 2024, initiating the Corporate Insolvency Resolution Process (CIRP) against Karrm Infrastructure.
The NCLT’s order has imposed a moratorium, prohibiting any legal proceedings against the company while the insolvency process is underway. This means that any lawsuits or claims against the promoter, including Gurudu’s complaint, cannot be pursued at this time.
Gurudu expressed her unawareness of the insolvency proceedings during the hearing but acknowledged that the NCLT’s status could not be overlooked. Consequently, MahaRERA decided to adjourn the complaint indefinitely, advising Gurudu to pursue her refund claim through the ongoing CIRP process.
The authority has granted Gurudu the option to return to MahaRERA for further proceedings after the resolution of the insolvency case, should she choose to do so.
This decision highlights the complexities involved in real estate transactions when financial distress occurs and underscores the protective measures in place for debtors under the Insolvency and Bankruptcy Code.
