New Delhi: Alpha Corp Development Limited has acquired three stalled projects of Earth Infrastructures Limited through the insolvency resolution process under the National Company Law Tribunal (NCLT), following a Supreme Court judgment restoring the company’s resolution plan.
The acquired projects include Earth TechOne and Earth Sapphire Court in Greater Noida and the residential project Earth Copia in Gurugram.
Also Read: The Executive Centre Expands Riyadh Presence with New KAFD Workspace Facility
According to the company, the acquisition is expected to provide relief to more than 3,000 homebuyers and commercial-space buyers affected by prolonged project delays.
In its judgment dated May 5, 2026, the Supreme Court of India restored Alpha Corp Development’s Resolution Plan in Civil Appeal No. 1526 of 2023, setting aside an earlier order issued by the National Company Law Appellate Tribunal (NCLAT) on January 31, 2023.
The Supreme Court upheld the revival framework under the Insolvency and Bankruptcy Code (IBC) and allowed the completion of the stalled projects, observing that further delays would adversely affect homebuyers and commercial-space buyers awaiting possession for several years.
The Court also ruled that the Greater Noida Industrial Development Authority (GNIDA) would recover only its principal dues while waiving penal interest, penal charges, and extension penalties. It directed Alpha Corp Development to clear these dues over a 24-month period without transferring the financial burden to buyers.
The resolution process enables Alpha Corp Development, acting as the Successful Resolution Applicant (SRA), to undertake construction completion, regulatory coordination, redevelopment planning, and phased delivery of the projects.
Commenting on the development, Santosh Agarwal, Executive Director and CFO, Alpha Corp Development, said, “The restoration of the Resolution Plan marks an important and positive step towards the 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.”
He added, “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.”
Sandeep Bhuraria, Senior Partner at Zeus Law Associates, assisted by Associate Vatsala Pandey, represented Alpha Corp Development in the matter before the Supreme Court.
Speaking on the judgment, Bhuraria 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.”
According to the company, the projects remained stalled for several years due to financial distress faced by the previous developer, affecting buyers across the National Capital Region.
Alpha Corp Development stated that it plans to invest approximately INR 750 crore towards completion, redevelopment, infrastructure upgrades, and project delivery. The projects are estimated to have a revenue potential of around INR 1,200 crore.
Also Read: Transforming Commercial Real Estate in NCR: A Decade of Dynamic Shifts
The company also indicated that redevelopment and modernisation measures, including infrastructure improvements and amenity upgrades, are being evaluated as part of the revival process.
Execution timelines and phased delivery schedules are expected to be announced following operational and regulatory alignments.
