# In the matter of Transcon Skycity Private Limited vs. Anchor Point Developers Private Limited

> NCLAT judgment dated 2025-07-09. Citation: TCN-2025-NCLAT-00404. The appeal arises from an order dated 17.03.2025 passed by the Adjudicating Authority…

- **Court:** NCLAT
- **Order date:** 9 Jul 2025
- **Citation:** TCN-2025-NCLAT-00404
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/transcon-skycity-private-limited-vs-anchor-point-developers-private-limited-bb2cd970

## Summary

### Background

The appeal arises from an order dated 17.03.2025 passed by the Adjudicating Authority (National Company Law Tribunal, Mumbai Bench-I) in I.A. No.- 797 of 2025 in C.P. No. 1166/MB/2023, which permitted the revival of an original Section 7 Company Petition filed by Anchor Point Developers Pvt. Ltd. against Transcon Skycity Pvt. Ltd.

## Facts

Transcon Skycity Private Limited launched a real estate project named Transcon Fortune Five Hundred Tower-I Project.

Anchor Point Developers Private Limited invested in the project and received an Allotment Letter on 18.10.2022.

Anchor Point Developers Private Limited filed a Section 7 application against Transcon Skycity Private Limited (First CP).

A Settlement Agreement was executed between the parties on 03.02.2024.

Anchor Point Developers Private Limited filed an IA for withdrawal of the First CP on 14.02.2024 (Withdrawal IA), which was allowed on 08.04.2024.

Anchor Point Developers Private Limited filed a fresh Section 7 petition (Second CP) on 16.11.2024, premised on the same debt as the First CP.

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority erred in allowing the Restoration IA of the Financial Creditor …

**Ratio:** The Adjudicating Authority did not commit any error in allowing the revival of the

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**Reasoning:** The Corporate Debtor breached the settlement terms, and the Adjudicating Authority

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**Interpretation:** When there is a breach of settlement terms by the Corporate Debtor, the legal

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**Application:** The Adjudicating Authority's decision to allow the revival of the First CP was

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## Parties

- **Judges:** Ashok Bh…; Barun M…; +1 more
- **Respondents:** Transcon Skycity…; Anchor Point…
- **Advocates:** Ravi Pr…; Aditya…; +7 more

## Timeline

- **2022-10-18 — Allotment…**: Corporate Debtor issued an…
- **2024-02-03 — Settlement Ag…**: Settlement Agreement was executed between the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 61(1) — Appeals and Appellate Authority](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-61)

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