# Alpha Corp Development Private Limited vs. Greater Noida Industrial Development Authority (GNIDA) and others

> SC judgment dated 2026-05-05. Citation: TCN-2026-SC-00033. The case originated from a Corporate Insolvency Resolution Process (CIRP) initiated against Earth…

- **Court:** SC
- **Order date:** 5 May 2026
- **Citation:** TCN-2026-SC-00033
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/supreme-court-of-india/alpha-corp-development-private-limited-vs-greater-noida-industrial-development-a-ggk3a

## Summary

### Background

The case originated from a Corporate Insolvency Resolution Process (CIRP) initiated against Earth Infrastructures Limited (EIL), the corporate debtor, by Deepak Khanna, a financial creditor. EIL, through its subsidiaries Earth Towne Infrastructures Private Limited (ETIPL), Neo Multimedia Limited, and Nishtha Software Private Limited, undertook real estate projects on lands leased from the Greater Noida Industrial Development Authority (GNIDA). Resolution plans for these projects were submitted by Roma Unicon Designex Consortium (Roma) and Alpha Corp Development Private Limited (Alpha). GNIDA challenged the NCLT orders approving these plans before the NCLAT, arguing that the assets of EIL's subsidiaries could not be considered EIL's assets and that the plans illegally

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## Facts

The NCLAT, Principal Bench, New Delhi, disposed of three company appeals filed by Greater Noida Industrial Development Authority (GNIDA) (C.A. (AT) (Ins) Nos. 180, 629, and 630 of 2022) by judgment dated 30.01.2023.

The NCLAT set aside NCLT orders dated 05.04.2021, 08.06.2021, and 07.12.2021.

The NCLT approved Roma Unicon Designex Consortium's resolution plan on 05.04.2021 for the 'Earth Towne' project.

The NCLT approved Alpha Corp Development Private Limited's resolution plan on 08.06.2021 for 'Earth TechOne', 'Earth Sapphire Court', and 'Earth Copia' projects.

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## Issues and analysis

### Issue 1: Whether in the CIRP proceedings of the Corporate Debtor, EIL, the assets of its subsidiary land …

**Ratio:** The corporate veil between a holding company and its subsidiaries can be lifted when they

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**Reasoning:** The Supreme Court found that EIL was the dominant and majority shareholder (98% in ETIPL)

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**Interpretation:** While holding and subsidiary companies generally maintain separate legal

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**Application:** The Court held this was a fit case to lift the corporate veil, treating the

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## Parties

- **Judges:** Sanjay…; ALOK AR…
- **Appellants:** Alpha Corp…; Sanjay B…; +15 more
- **Respondents:** Earth Infrastructu…; Greater Noida…
- **Other parties:** HDFC…; 4,229 all…; +7 more

## Timeline

- **2008-02-04 — Land Allotment to NIIT…**: GNIDA allotted 60,705 sq m of land in Sector Tech Zone to NIIT Multimedia Limited for 90…
- **2009-09-01 — Lease Deed to Nishtha…**: GNIDA executed a lease deed to Nishtha Software Private Limited for 90 years for…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 62 — Appeal to Supreme Court](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-62)

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