Alpha Corp to take over three stuck projects following Supreme Court approval

The Supreme Court has set aside an order of the National Company Law Appellate Tribunal (NCLAT) that rejected builder Alpha Corp Development’s resolution plan to acquire three stalled projects of Earth Infrastructures Limited.

The projects include two commercial developments in Greater Noida named ‘Earth TechOne’ and ‘Earth Sapphire Court’, and one residential project in Gurgaon named ‘Earth Copia’.

The court upheld Alpha Corp.’s revival framework under the Insolvency and Bankruptcy Code (IBC) and cleared the path for completion of the stalled projects. It said any further delay would seriously prejudice homebuyers and commercial-space buyers who have invested in the developments.


It mandated that Alpha will clear these dues over 24 months, with no financial burden passed on to homebuyers.

Alpha Corp had emerged as the successful resolution applicant (SRA) to undertake the completion, revival and delivery of the projects.

The National Company Law Tribunal (NCLT) had earlier approved Alpha Corp.’s resolution plan, offering a glimmer of hope to more than 3,000 homebuyers whose investments were stuck in the projects since 2011. But in January of 2023, the plan was rejected by the NCLAT.

The top 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 situation.

“The restoration of the resolution plan is an important and positive step towards resolution of these long-stalled projects. This judgment reinforces confidence in the insolvency resolution framework and paves the way for timely revival of stressed real estate assets,” said Santosh Agarwal, executive director & CFO, Alpha Corp Development.

Alpha Corp is expected to invest about Rs 750 crore towards completion, redevelopment, infrastructure upgrades and delivery of the projects, with a projected revenue potential of around Rs 1,200 crore.

“This judgment by the Supreme Court is a significant step towards resolving long-stalled projects and will provide much-needed relief to homebuyers and allottees,” said Sandeep Bhuraria, senior partner, Zeus Law Associates, who represented Alpha Corp in the matter. “It also sets an important precedent for resolution of stressed real estate assets across NCR.”

About 60% of space in the two commercial projects, offering around 4 million sq ft area, have been sold. In the residential project, which offers 600 units across 10 towers on 11-acre of land, 450 units have been sold.

“Most of the buyers had booked the flats around 2010-11 and continue to pay EMIs even when the court battle was dragging on,” said Alka Bhojwani, president of the homebuyer’s association. “Many allottees died… and this could have been resolved easily had the Greater Noida Authority acted in a responsible manner. We hope the work to resume now.”

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 will now oversee project execution, construction management, regulatory coordination, customer engagement, and phased delivery.

As part of the revival approach, the company is evaluating redevelopment and upgradation measures, including infrastructure improvement, amenity enhancement and design modernisation 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 insolvency process had started in June 2018. Five projects of Earth Infrastructure were stuck and the NCLT had allowed bidders to submit separate resolution plans for each project, instead of asking them to submit one plan for the company.