The Real Estate Regulatory Authority of Bihar on September 11, 2024, issued the Standard Operating Operation (SOP) for apportionment of amount among allottees recovered in accordance to section 40 of RERA Act, 2016.
The following has been stated namely: -
• It aims to streamline the identification of assets related to promoters and associated entities for monetization to repay depositors, allottees, and complainants as mandated by the RERA Act, 2016, read with rules 25 and 26 of Bihar RERA Rules, 2017, particularly in cases involving defaulter promoters.
• It provides the procedure for identification of assets, monetization of assets, and the mode of distribution of recovered amount and right of preference in repayment.
Refer to the attached document for detailed notification.
[Office Order no. 126]
