The Supreme Court’s recent judgment in Alpha Corp Development Private Limited v. Greater Noida Industrial Development Authority marks a significant development in India’s evolving insolvency and corporate jurisprudence. Delivered on 05 May 2026 by a Bench comprising Justice Sanjay Kumar and Justice Alok Aradhe, the judgment revisits the doctrine of lifting the corporate veil in the context of real-estate insolvency under the Insolvency and Bankruptcy Code, 2016 (“IBC”).
At the heart of the dispute was a recurring problem in Indian real-estate development: the use of multiple special purpose vehicles (“SPVs”) and subsidiary entities to hold land, while another group entity undertakes the actual development, marketing, and…