SC restores Alpha Corp’s resolution plan for Earth Infrastructures, ending decade-long wait for 3,000 buyers

The Supreme Court of India has restored Alpha Corp Development Limited’s resolution plan for three stalled projects of Earth Infrastructures Limited, clearing the way for completion of real estate developments that have left over 3,000 homebuyers and commercial-space buyers in limbo for close to a decade.

The judgment, delivered on May 5, 2026 in Civil Appeal No. 1526 of 2023, set aside a January 2023 order of the National Company Law Appellate Tribunal that had rejected Alpha Corp’s resolution plan. With the plan now restored, Alpha Corp steps in as the Successful Resolution Applicant to execute, complete and deliver the projects under the Insolvency and Bankruptcy Code framework.

The three projects are Earth TechOne and Earth Sapphire Court — both commercial developments in Greater Noida — and Earth Copia, a residential project in Gurugram.

In a major relief to buyers, the court observed that any further delay would seriously prejudice those who had invested substantial amounts in the projects. It also took a firm position on the role of the Greater Noida Industrial Development Authority, directing that GNIDA would be entitled to recover only its principal dues, with penal interest, penal charges and time-extension penalties waived — noting that prolonged inaction by the authority had materially contributed to the stalling of the projects. Alpha Corp has been given 24 months to clear these dues, with the court explicitly directing that no financial burden on this account be passed on to homebuyers.

Alpha Corp Development is expected to invest approximately ₹750 crore in completing and redeveloping the three projects, which carry a projected revenue potential of around ₹1,200 crore. The company said it is evaluating infrastructure improvements, amenity upgrades and design modernisation to align the projects with current market standards. Phased completion timelines are expected to be communicated after regulatory and operational alignments are in place.

Santosh Agarwal, Executive Director and CFO of Alpha Corp Development, said the restoration of the plan “reinforces confidence in the insolvency resolution framework and paves the way for timely revival of stressed real estate assets.”

Sandeep Bhuraria, Senior Partner at Zeus Law Associates, who represented Alpha Corp in the matter along with Associate Vatsala Pandey, said the judgment “sets an important precedent for resolution of stressed real estate assets across NCR.”

The case is among the more closely watched IBC proceedings in the real estate sector, given the scale of buyer distress involved and the multiple rounds of litigation that preceded yesterday’s Supreme Court ruling.

Also See: Only 17% real estate insolvency cases have seen resolution