In a significant ruling dated May 5, 2026, the Supreme Court of India in Alpha Corp Development Private Limited v. Greater Noida Industrial Development Authority reinforced the legal principle that a corporate debtor’s subsidiaries may not always be treated as legally distinct entities during the Corporate Insolvency Resolution Process (“CIRP”) under the Insolvency and Bankruptcy Code, 2016 (“IBC”). The Court’s reasoning was anchored not only in established doctrine but also in a pointed evaluation of the conduct of a statutory authority that failed to engage with the CIRP process in any meaningful way.
