Alpha Corp Acquires Stalled Earth Projects, Supreme Court Clears Resolution Plan
The projects include Earth TechOne and Earth Sapphire Court in Greater Noida, and the residential project Earth Copia in Gurugram.
In a key ruling, the Supreme Court of India restored Alpha Corp’s resolution plan, setting aside an earlier order of the NCLAT. The court upheld the developer-led resolution framework under the Insolvency and Bankruptcy Code (IBC) and directed that delays should not further impact buyers awaiting possession.
The court also ruled that the Greater Noida Industrial Development Authority can recover only principal dues, waiving penal interest and charges, and directed Alpha Corp to clear these dues over 24 months without passing any financial burden to homebuyers.
With the resolution plan now in place, Alpha Corp will proceed with completion and delivery of the projects as the successful resolution applicant.
Santosh Agarwal, Executive Director & 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. 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, Zeus Law Associates, assisted by 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 the 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.
Published on:
07 May 2026
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