New Delhi, May 6, 2026: Alpha Corp Development Limited has successfully acquired three stalled projects of Earth Infrastructures Limited through the resolution process under the National Company Law Tribunal (NCLT), marking a landmark milestone in the revival of long-pending real estate developments and bringing major relief to over 3,000 affected homebuyers and commercial-space buyers. The projects include two commercial developments — Earth TechOne and Earth Sapphire Court in Greater Noida — and one residential project, Earth Copia in Gurugram.
In a significant legal development, the Hon’ble Supreme Court of India, vide its judgment dated May 5, 2026, restored Alpha Corp Development’s Resolution Plan in Civil Appeal No. 1526 of 2023, setting aside the order dated 31.01.2023 of the Hon’ble NCLAT that had rejected the plan. The judgment is being viewed as a historic win in favour of the developer-led resolution framework under the Insolvency and Bankruptcy Code (IBC), while simultaneously safeguarding the interests of thousands of affected buyers awaiting completion and possession for over a decade.
The Hon’ble Supreme Court upheld the revival framework under the IBC and cleared the path for completion of the stalled projects, observing that any further delay would seriously prejudice homebuyers and commercial-space buyers who had invested substantial amounts in the developments. The Court also directed that Greater Noida Industrial Development Authority (GNIDA) would be entitled to recover only its principal dues, while waiving penal interest, penal charges, and time-extension penalties, noting that prolonged inaction by the authority had contributed significantly to the present situation. It further mandated that Alpha will clear these dues over 24 months, with no financial burden passed on to homebuyers.
The acquisition follows the approval and restoration of the resolution plan through the insolvency proceedings, enabling Alpha Corp Development, as the Successful Resolution Applicant (SRA), to undertake the completion, revival, and delivery of the projects.
Speaking on the development, Mr. Santosh Agarwal, Executive Director & CFO, Alpha Corp Development, said:
The restoration of the Resolution Plan marks an important and positive step towards resolution of these long-stalled projects. This historic judgment reinforces confidence in the insolvency resolution framework and paves the way for timely revival of stressed real estate assets. At Alpha Corp, our focus remains on transparent execution, timely completion, and restoring the trust of over 3,000 homebuyers and office-space buyers who have waited several years for delivery.
Mr. Sandeep Bhuraria, Senior Partner, Zeus Law Associates, assisted by Ms. Vatsala Pandey, Associate who represented Alpha Corp in the matter, said,
This judgment by the Hon’ble Supreme Court is a significant step towards resolving long-stalled projects and will provide much-needed relief to homebuyers and allottees. It also sets an important precedent for resolution of stressed real estate assets across NCR.
The projects had remained stalled for several years following financial distress faced by the erstwhile developer, significantly impacting buyers across NCR. Through the resolution process, Alpha Corp Development will now oversee project execution, construction management, regulatory coordination, customer engagement, and phased delivery.
Alpha Corp Development is expected to invest approximately INR 750 crore towards completion, redevelopment, infrastructure upgrades, and delivery of the projects, with a projected revenue potential of around INR 1,200 crore.
As part of the revival approach, the company is evaluating redevelopment and upgradation measures, including infrastructure improvements, amenity enhancements, and design modernization to align the projects with current market expectations.
Detailed execution schedules, customer engagement mechanisms, and phased completion timelines are expected to be communicated progressively following regulatory and operational alignments.
The revival of the projects is being viewed as a significant development in the resolution of stressed real estate assets under the IBC framework and a major step towards restoring confidence in the NCR real estate ecosystem.
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