# In the matter of SGN Universal Construction Company Private Limited vs. Shailendra Kumar Singh & Ors.

> NCLAT judgment dated 2026-03-30. Citation: TCN-2026-NCLAT-00053. SGN Universal Construction Company Private Limited filed an appeal against the order dated…

- **Court:** NCLAT
- **Order date:** 30 Mar 2026
- **Citation:** TCN-2026-NCLAT-00053
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/sgn-universal-construction-company-private-limited-vs-shailendra-kumar-singh-ors-9cda8ca5

## Summary

### Background

SGN Universal Construction Company Private Limited filed an appeal against the order dated 19.11.2024 passed by the National Company Law Tribunal, New Delhi, Court - IV in CP No. (IB) – 62(ND) / 2024, initiating CIRP against M/s Morpheus Prodevelopers Pvt Ltd. The appeal concerns the inclusion of Tower 5 as part of the Corporate Debtor's assets and adverse observations regarding the Development Rights Agreement.

## Facts

The appeal was filed under Section 61 of the Insolvency and Bankruptcy Code, 2016.

The Corporate Debtor is M/s Morpheus Prodevelopers Pvt Ltd.

The Appellant claimed exclusive rights over Tower 5 based on a Development Rights Agreement dated 22.02.2017 and subsequent transactions.

The Respondents are Shailendra Kumar Singh and others, who are homebuyers.

The Adjudicating Authority admitted the Corporate Debtor into insolvency on 19.11.2024.

The Appellant filed I.A. No. 2197(ND)/2024 to place certain interim arbitration orders of the Delhi High Court on record.

The Respondents contended that the Development Rights Agreement was terminated on 20.06.2022.

The Respondents initiated CIRP under Section 7 for the project which comprised Towers 3, 4, and 5.

…

## Issues and analysis

### Issue 1: Whether the development rights over Tower No. 5 constitute 'property' and hence 'assets' of the …

**Ratio:** Development rights created in favour of the Corporate Debtor constitute “property” within

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**Reasoning:** The expression “asset” in common parlance denotes “property of any kind”, the bundle of

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**Interpretation:** The definition of 'property' under Section 3(27) of the IBC is expansive and

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**Application:** The development rights over Tower No. 5, being subject to pending arbitration

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## Parties

- **Judges:** Naresh Sa…; Mohammad Faiz…
- **Appellants:** SGN Universal…; Ajay A…
- **Respondents:** Morpheus Prodevelo…; Shailendra Kumar…; +40 more
- **Other parties:** Shailendra Kumar…
- **Advocates:** Krishnendu…; Gaurav…; +18 more

## Timeline

- **2014-05-03 — Contractual Arr…**: Contractual arrangements commencing around 03.05.2014 between the Appellant and the…
- **2017-02 — Outstandi…**: By February 2017, a sum of Rs. 6.92 crores were outstanding from the Corporate Debtor to…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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