Can registered sale deed be executed by suspended board of directors during the course of Insolvency

I had bought a flat in Maharashtra in Nov 2020 through registered Agreement to Sale and got the possession immediately and living in the same flat since last 3 years. Registered Sale deed was not executed by builder in my favour as the entire project was not completed and part occupancy was issued by the Municipal corporation.Builder used to tell that once the entire project will get completed, he will form a society and upon payment of 1 time maintenance fee of Rs.3 Lakhs, Registered Sale deed will be executed. However in Feb 2024, Insolvency proceedings under NCLT have been initiated against the builder for non payment of dues of financial creditors and IRP has informed that BOARD of Directors has been suspended as per Insolvency proceedings laws. Builder is now telling us not to file claim with IRP as per form CA and he is telling that he will immediately form a Cooperative Housing Society and is further asking to deposit one time maintenance fee of Rs.3 Lakhs in the Bank account of the newly formed Cooperative Housing Society, after which he will execute the Registered sale deed through his Power of Attorney. I am unsure regarding whether Builder has the right to form society and execute sale deed in my favour even after Insolvency proceedings have been started against the company under the Insolvency proceedings of NCLT. Will it be lawful / will my registered Sale deed if executed under these circumstances will have legal validity or would it be deemed an illegal/irrelevant piece of document. Kindly guide suitably as to what should be done that should be lawfully correct.