The Supreme Court (‘SC’) in Alpha Corp Development Private Limited v GNIDA and others (2026 INSC 449) assessed the facts and held that it was a fit case for lifting the corporate veil. The SC reasoned that holding company was the driving force for projects being executed by the subsidiary company/corporate debtor. And the subsidiary company/corporate debtor was only a front for the holding company. The caveat that the SC added was:
The Supreme Court’s caveat was that: ‘Each case that comes before a Court, in the context of lifting of the corporate veil, would have to turn upon its individual facts.’