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2026 Supreme(SC) 487

SANJAY KUMAR, ALOK ARADHE
Alpha Corp Development Private Limited – Appellant
Versus
Greater Noida Industrial Development Authority (GNIDA) – Respondent


Advocates appeared:
For the Appellant(s) : Dr. Abhishek Manu Singhvi, Sr. Adv. Mr. Dhruv Mehta, Sr. Adv.
Alpha Corp Development Private Limited (CA 1526/2023) : Mr. Sameer Abhyankar, AOR Mr. Sandeep Bhuraria, Adv. Ms. Vatsala Pandey, Adv. Mr. Rahul Kumar, Adv. Mr. Aakash Thakur, Adv.
For Roma Unicon Designex Consortium (SRA of Earth Infra Limited) (CA 2491/2023) : Mr. Somesh Dhawan, Adv. Mr. Sumit Srivaastava, AOR Mr. Nand Kishor Jha, Adv. Mr. Satyam Sinha, Adv. Ms. Vagisha Kashyap, Adv.
Sanjay Bhalla (CA 1743/2023) : Mr. Sarvesh Singh Baghel, AOR Mr. Anshuman Sharma, Adv.
Earth Property Buyers Association (Diary No. 19132/2023) : Mr. Rahul Kumar, Adv. Mr. Vishesh Kumar, Adv. Ms. Prity Kumari, Adv. Mr. Jay Kishor Singh, AOR
for Unific Techone Patrons Independent Association (UTOPIA) (CA 4619/2023) : Mr. Devendra Kumar Shukla, AOR Mr. Shashank Raghav, Adv. Ms. Shubhangini Yadav, Adv. Mr. Rakesh Kumar Tewari, Adv. Mr. Ankur Saraswat, Adv. Mr. Dinesh Kumar Bhati, Adv. Mr. Kanchan Kumar Jha, Adv.
Earth United Consumer Association (CA 3435-3437/2023) : Mr. Shubhranshu Padhi, AOR Mr. Ekansh Sisodia, Adv. Mr. Jay Nirupam, Adv. Mr. D. Girish Kumar, Adv. Mr. Pranav Giri, Adv. Mr. Ritik Sharma, Adv.
For Earth Copia Owners Society (CA 3438/2023) : Dr. Menaka Guruswamy, Sr. Adv. Mr. V.M. Kannan, AOR Mr. Mayank Singh, Adv.
Earth Infra Ltd. (CA 2406-2407/2023) : Mr. Nakul Dewan, Sr. Adv. Mr. Ekansh Mishra, AOR
Earth Towne Flat Buyers Welfare Association (CA 2466/2023) : Ms. Meenakshi Arora, Sr. Adv. Mr. Mahesh Agarwal, Adv. Mr. Sumesh Dhawan, Adv. Mr. Ankur Saigal, Adv. Ms. Vastala Kak, Adv. Mr. Nishant Rao, Adv. Mr. Naman Gupta, Adv. Ms. Kavya Tekriwal, Adv. Mr. Shaurya Shyam, Adv. Mr. Sagar Thakkar, Adv. Mr. E.C. Agrawala, AOR
GNOIDA (CA 2756/2023) : Mr. Binay Kumar Das, AOR
For Respondent(s): Mr. Birendra Kumar Mishra, AOR Mr. Sarvesh Singh Baghel, AOR Mr. Anshuman Sharma, Adv. Mr. Devendra Kumar Shukla, AOR
FOR GNOIDA Mr. Ravinder Kumar, Sr. Adv. Mr. Binay Kumar Das, AOR Mr. Nakul Dewan, Sr. Adv. Mr. Ekansh Mishra, AOR Mr. Gunjan Kumar, AOR Mr. Somesh Dhawan, Adv. Mr. Sumit Srivaastava, AOR Ms. Meenakshi Arora, Sr. Adv. Mr. Mahesh Agarwal, Adv. Mr. Sumesh Dhawan, Adv. Mr. Ankur Saigal, Adv. Ms. Vastala Kak, Adv. Mr. Nishant Rao, Adv. Mr. Naman Gupta, Adv. Ms. Kavya Tekriwal, Adv. Mr. Shaurya Shyam, Adv. Mr. Sagar Thakkar, Adv. Mr. E.C. Agrawala, AOR Mr. Dhruv Mehta, Sr. Adv. Mr. Sameer Abhyankar, AOR Mr. Sandeep Bhuraria, Adv. Ms. Vatsala Pandey, Adv. Mr. Rahul Kumar, Adv. Mr. Aakash Thakur, Adv. Mr. Pushpinder Singh, AOR Mr. Kumar Kartikay, Adv. Ms. Neelu Sharma, Adv. Mr. Kartik Hooda, Adv. Mr. E. Vinay Kumar, Adv. Ms. Surbhi Singh, Adv. Mr. Siddhartha Makhija, Adv. Mr. Ranjit Balasaheb Raut, AOR Mr. Sonit Sinhmar, Adv. Mr. Bhupender Dalal, Adv. Ms. Sunayana Pawar, Adv. Mr. Saurabh Trivedi, AOR Mr. Prashant Jain, Adv. Mr. Varun Garg, Adv. Mr. Shubham Paliwal, Adv. Mr. Bharat Sood, Adv. Mr. P.S. Sudheer, AOR Mr. Rishi Maheshwari, Adv. Ms. Anne Mathew, Adv. Ms. Sunaina Phul, Adv. Ms. Komal Bihani, Adv. Ms. Kinjal Sharma, Adv. Ms. Rupam Sharma, Adv. Mr. Shiv Mangal Sharma, Adv. Mr. Abhishek Sharma, Adv. M/s. Aura & Co., AOR Ms. Anuja Pethia, AOR Mr. Noor Shergill, Adv. Mr. Rishabh Nigam, Adv. Ms. Kshirja Agarwal, Adv. Mr. Rishabh Govila, Adv. Ms. Amisha Aggarwal, Adv. Mr. Prashant Jain, Adv. Mr. Varun Garg, Adv. Mr. Shubham Paliwal, Adv. Mr. Bharat Sood, Adv. Mr. P.S. Sudheer, AOR Mr. Rishi Maheshwari, Adv. Ms. Anne Mathew, Adv. Ms. Sunaina Phul, Adv. Ms. Komal Bihani, Adv. Ms. Kinjal Sharma, Adv. Ms. Rupam Sharma, Adv. Ms. Supriya Juneja, AOR Mr. Chakradhari Sharan Singh, Sr. Adv. Mr. Durga Dutt, AOR Mr. Priyanshu Upadhyay, Adv. Mr. Ajay Kumar, Adv. Mr. Pradeep Yadav, Adv. Mr. Susant Kumar Mallik, Adv. Mr. Rohit Priyadarshi, Adv. Mr. Devendra Rao Madhav, Adv. Mr. Amrendra Choubey, Adv. Mr. Himanshu Yadav, Adv. Mr. Satya Kam Sharma , AOR Mr. Anupam Lal Das, Sr. Adv. Mr. Anirudh Singh, Adv. Mr. Gunjan Sharma, Adv. Mr. Kumar Mihir, AOR Mr. Devendra Kumar Shukla, AOR

Judgement Key Points

What is the scope to lift the corporate veil in CIRP proceedings where subsidiaries hold lease lands, and how does it affect GNIDA’s rights to dues? What is the appropriate treatment of GNIDA’s penal interest/penal charges and time-extension penalties in light of GNIDA’s inertia, and how should dues be recalculated and allocated between GNIDA and the successful resolution applicants? What conditions govern the transfer of leasehold lands to resolution applicants, and is GNIDA a necessary party to CIRP proceedings affecting those lands?

What is the scope to lift the corporate veil in CIRP proceedings where subsidiaries hold lease lands, and how does it affect GNIDA’s rights to dues?

What is the appropriate treatment of GNIDA’s penal interest/penal charges and time-extension penalties in light of GNIDA’s inertia, and how should dues be recalculated and allocated between GNIDA and the successful resolution applicants?

What conditions govern the transfer of leasehold lands to resolution applicants, and is GNIDA a necessary party to CIRP proceedings affecting those lands?


JUDGMENT

SANJAY KUMAR, J

1. By judgment dated 30.01.2023, the National Company Law Appellate Tribunal, Principal Bench, New Delhi [For short, ‘the NCLAT’], disposed of three company appeals filed by Greater Noida Industrial Development Authority (GNIDA), viz., Company Appeal (AT) (Ins) Nos. 180, 629 and 630 of 2022, and set aside the orders dated 05.04.2021, 08.06.2021 and 07.12.2021 passed by the National Company Law Tribunal, Bench III, New Delhi [For short, ‘the NCLT’].

2. By the order dated 05.04.2021 passed in C.A. No. 751 of 2019 in CP(IB)-401(ND)/2017, the NCLT had approved the resolution plan submitted by Roma Unicon Designex Consortium (Roma). This order was challenged by GNIDA in Company Appeal (AT) (Ins) No. 630 of 2022. By its order dated 08.06.2021 in IA No. 05 of 2020 in CP(IB)-401(ND)/2017, the NCLT had approved the resolution plan submitted by Alpha Corp Development Private Limited (Alpha). This order was assailed by GNIDA in Company Appeal (AT) (Ins) No. 629 of 2022. By the order dated 07.12.2021 in IA No. 4235 of 2021 filed by Roma in CP(IB)-401(ND)/2017, the NCLT directed GNIDA to give effect to the resolution plan approved by it by the order dated 05.04.2021. This

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