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

> SC judgment dated 2026-05-05. Citation: TCN-2026-SC-00046. The case originated from multiple appeals challenging an NCLAT judgment that set aside NCLT orders…

- **Court:** SC
- **Order date:** 5 May 2026
- **Citation:** TCN-2026-SC-00046
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/supreme-court-of-india/alpha-corp-development-private-limited-vs-greater-noida-industrial-development-a-yj07c

## Summary

### Background

The case originated from multiple appeals challenging an NCLAT judgment that set aside NCLT orders approving resolution plans for Earth Infrastructures Limited (EIL), the Corporate Debtor (CD). EIL, through its subsidiaries (ETIPL, Neo Multimedia Limited, Nishtha Software Private Limited), was developing real estate projects on land leased from Greater Noida Industrial Development Authority (GNIDA). A Corporate Insolvency Resolution Process (CIRP) was initiated against EIL by a financial creditor, Deepak Khanna. Resolution plans submitted by Roma Unicon Designex Consortium (Roma) and Alpha Corp Development Private Limited (Alpha) were approved by the Committee of Creditors (CoC) and the NCLT. GNIDA challenged these approvals, contending that the assets of EIL's

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## Facts

The NCLAT, Principal Bench, New Delhi, disposed of three company appeals filed by Greater Noida Industrial Development Authority (GNIDA) on 30.01.2023, setting aside NCLT orders dated 05.04.2021, 08.06.2021, and 07.12.2021.

The NCLT had approved the resolution plan submitted by Roma Unicon Designex Consortium (Roma) on 05.04.2021 for the 'Earth Towne' project.

The NCLT had approved the resolution plan submitted by Alpha Corp Development Private Limited (Alpha) on 08.06.2021 for 'Earth TechOne', 'Earth Sapphire', and 'Earth Copia' projects.

The NCLT had directed GNIDA to give effect to the resolution plan approved by it on 07.12.2021.

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## Issues and analysis

### Issue 1: Whether in the CIRP proceedings of the Corporate Debtor, i.e. Earth Infrastructures Limited, the …

**Ratio:** The corporate veil can be lifted when associated or group companies are inextricably

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**Reasoning:** EIL was the dominant and majority shareholder (78% initially, then 98% in ETIPL, and Neo

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**Interpretation:** While holding and subsidiary companies are generally independent legal

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**Application:** Given EIL's central role as the main driving force in project development and

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## Parties

- **Judges:** Sanjay…; ALOK AR…
- **Appellants:** Alpha Corp…; Sanjay B…; +16 more
- **Respondents:** Earth Infrastructu…; Greater Noida…
- **Other parties:** CoC of…; Common directors…; +9 more

## Timeline

- **2010-03-19 — Land Allotment to…**: Greater Noida Industrial Development Authority (GNIDA) allotted 73,942 square metres of…
- **2010-07-21 — SPC Incorpo…**: Earth Towne Infrastructures Private Limited (ETIPL) was incorporated as a Special Purpose…

## 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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