# In the matter of Transcon Buildcon Private Limited

> NCLT judgment dated 2026-04-06. Citation: TCN-2026-NCLT-00395. Beacon Trusteeship Limited, acting as a debenture trustee, filed an application under Section 7…

- **Court:** NCLT
- **Order date:** 6 Apr 2026
- **Citation:** TCN-2026-NCLT-00395
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/transcon-buildcon-private-limited-d8e9f1cd

## Summary

### Background

Beacon Trusteeship Limited, acting as a debenture trustee, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Transcon Buildcon Private Limited, the Corporate Debtor, due to a default in repayment of debentures.

## Facts

Beacon Trusteeship Limited filed an application under Section 7 of the IBC as a Financial Creditor.

The Corporate Debtor, Transcon Buildcon Private Limited, acted as a corporate guarantor for non-convertible debentures issued by Transcon Skycity Private Limited.

The total amount claimed to be in default by the Applicant is Rs. 99,32,16,163 as on 28.05.2025.

The debt arose from 6239 secured, unrated, unlisted, redeemable, non-convertible debentures issued by Transcon Skycity Private Limited.

The Corporate Debtor executed a Deed of Corporate Guarantee dated 12.05.2022 in favor of the Applicant.

The date of default is mentioned as 31.01.2025.

The Applicant proposed Mr. Amit Vijay Karia as the Interim Resolution Professional (IRP).

## Issues and analysis

### Issue 1: Whether non-disbursal of funds by the Facility Agent can be a valid ground for rejecting the …

**Ratio:** Non-disbursal of even sanctioned amount of loan is not a ground for rejection of an

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**Reasoning:** The Adjudicating Authority relied on the judgment of Hon'ble NCLAT in SBI v. N.S.

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**Interpretation:** The obligation of the corporate debtor was unconditional and did not depend

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**Application:** The Tribunal held that the contention of the Corporate Debtor that the

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## Parties

- **Judges:** NILESH S…; SAMEER…
- **Appellants:** Beacon Trusteeship…
- **Respondents:** Transcon Buildcon…
- **Other parties:** Amit Vijay…
- **Advocates:** Rohan Ag…; Ankit P…; +2 more

## Timeline

- **17.07.2025 — Application…**: Beacon Trusteeship Limited filed C.P. (IB)…
- **31.01.2025 — Date of D…**: The date of default is mentioned as 31.01.2025 when the Event of Default occurred upon…

## 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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