Alpha Corp to infuse ₹750 cr to restart stalled projects in Greater Noida, Gurugram; relief for 3,000 homebuyers

By Bricksnwall | 2026-05-07

The resolution has come on the back of a Supreme Court judgment backing the developer-led resolution structure under the Insolvency and Bankruptcy Code.

A real estate developer has claimed that it will invest ₹750 crore in the next four years to complete three stalled housing and commercial projects in Greater Noida and Gurugram, a move that is expected to bring relief to over 3,000 homebuyers burdened by decade-long delays.

The development comes after the Supreme Court quashed an order of the National Company Law Appellate Tribunal (NCLAT) which had earlier rejected Alpha Corp's resolution plan to acquire three projects of the defunct Earth Infrastructure Ltd. The apex court cleared the way for completion of the projects, which have been stalled since 2011, by upholding the company’s revival plan under the Insolvency and Bankruptcy Code (IBC).

The housing project in Gurugram has 600 apartments of which 450 have already been sold. The two commercial developments have a combined saleable area of almost 40 lakh sq ft. These delayed assets of Earth Infrastructures Ltd were acquired by Alpha Corp Development Ltd through the resolution process under the National Company Law Tribunal.

Alpha Corp Development is likely to invest about ₹750 crore towards completion, redevelopment, infrastructure upgradation and delivery of the projects. Revenue potential from the projects is estimated at about ₹1,200 crore. “The potential is the collections from the customers and realization from the unsold units,” Santosh Agarwal, Executive Director & CFO of the company told reporters in the capital.

On May 5, the Supreme Court of India restored Alpha Corp’s resolution plan, ruling aside the January 31, 2023 order of the National Company Law Appellate Tribunal which had rejected it previously.

The business claimed the ruling is a historic triumph for the developer-led resolution system under the Insolvency and Bankruptcy Code (IBC) while at the same time protecting the interest of thousands of affected buyers waiting for completion and possession for over a decade.

The top court affirmed the IBC's revival framework and cleared the way for completion of halted buildings, saying any further delay would significantly disadvantage homebuyers and commercial-space buyers who committed substantial amounts in the projects.

The Court further decided that the Greater Noida Industrial Development Authority (GNIDA) will be entitled to realize only its principal dues and waive the penal interest, penal charges and time-extension penalties. The business also claimed it has directed Alpha to clear these dues over 24 months with no financial burden to be passed on to homebuyers.

The projects include two commercial buildings in Greater Noida, ‘Earth TechOne’ and ‘Earth Sapphire Court’ and one residential property in Gurgaon, ‘Earth Copia’. Over a decade ago, these initiatives were launched.

Restoration of the Resolution Plan is an essential and positive step towards resolution of these long stalled projects. “This landmark judgement increases the faith in the insolvency resolution regime and paves the way for timely revival of stressed real estate assets,” Agarwal added.

"At Alpha Corp we continue to focus on transparent execution, timely completion and restoring the trust of over 3,000 home buyers and office space buyers who have been waiting for years for delivery," he stated

“This judgement by the Supreme Court is a big step forward in the direction of resolving long-stalled projects and will provide much needed relief to homebuyers and allottees,” said Sandeep Bhuraria, Senior Partner, Zeus Law Associates, assisted by Vatsala Pandey, Associate, who represented Alpha Corp in the matter. It also provides a significant precedent for the resolution of troubled real estate assets across the NCR.

Backstory of the Project

The projects were stuck for years due to financial problems of the previous builder, which had adversely affected buyers across NCR. Alpha Corp Development will now be responsible for project execution, construction management, regulatory coordination, customer interaction and phased delivery through the resolution process, the business said in a statement.

"As part of the revival approach, the company is evaluating redevelopment and upgradation measures including infrastructure improvements, amenity enhancements and design modernisation to align the projects with current market expectations," the company stated.

It stated detailed execution plans, customer interaction methods and phased completion timeframes are likely to be communicated gradually as regulatory and operational alignment continues.

Source: Hindustan Times