corporate insolvency

Lifting the Corporate Veil under the IBC: Supreme Court’s Verdict in Alpha Corp Development v. GNIDA

Summary: In a significant ruling pronounced on May 5, 2026, the Supreme Court of India in Alpha Corp Development Private Limited v. Greater Noida Industrial Development Authority lifted the corporate veil between Earth Infrastructures Limited and its wholly-owned subsidiaries, upholding resolution plans approved under the Insolvency and Bankruptcy Code, 2016. The judgement offers important insight into when the courts are likely to pierce corporate separateness in the insolvency context. It also sends an equally pointed message to statutory authorities that procedural inaction carries its own legal consequences.

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This blog discusses how the Supreme Court in its recent judgment of Mansi Brar Fernandez vs. Subha Sharma[1] (“Mansi Brar”), has reinforced theprinciple laid down in the case of Pioneer Urban Land and Infrastructure Ltd v. Union of India,[2] (“Pioneer Urban”) of distinguishing a speculative investor from a genuine homebuyer. It also highlights the Court’s key directives and suggestions aimed at reforming real estate insolvency framework.

Continue Reading The Mansi Brar Judgment – Reaffirming the Pioneer Principle and a push towards crucial reforms in real estate insolvency