Supreme Court Records Justice Abhay Oka–Mediated Settlement In Transcon–Anchor Point Insolvency Dispute
The Supreme Court of India has recently recorded a comprehensive settlement between Transcon Skycity Pvt. Ltd. and Anchor Point Developers Pvt. Ltd., bringing to an end a prolonged insolvency dispute arising out of a stalled real estate project.
A bench of Justices J.B. Pardiwala and K.V. Viswanathan noted that the mediation conducted by former Supreme Court judge Justice Abhay S. Oka was successful and that a comprehensive mediation report had been submitted and taken on record.
“We had requested Hon'ble Mr. Justice Abhay S. Oka, former Judge of this Court, as a Mediator between the parties. We are happy to note that the mediation has been successful. The Learned Mediator has forwarded a very comprehensive Report which is ordered to be taken on record,” the court noted.
While hearing Transcon Skycity's challenge, the court had, on September 15, 2025, referred the parties to mediation and appointed Justice Oka as the mediator.
The mediation resulted in a detailed settlement agreement executed on December 24, 2025.
Under the settlement, the Transcon Group has agreed to pay Rs 70 crore to the Anchor Point Group as a full and final settlement of all claims. This will be paid in three installments. The first installment of Rs 23.87 crore was payable at the time of signing the agreement, Rs 20 crore was due by January 31, 2026, and the remaining Rs 26.12 crore by February 28, 2026.
The agreement makes it clear that once the full amount is paid, all disputes and proceedings between the parties pending before different forums will stand resolved with no claims surviving on either side. It also provides for interest in case of default and sets out undertakings relating to transfer of properties, cancellation of earlier agreements, and withdrawal of pending cases.
Background
The dispute arose from investments made by Anchor Point Developers in a real estate project launched by Transcon Skycity, known as the Transcon Fortune Five Hundred Tower-I Project. Due to alleged delays and lack of progress in the project, Anchor Point had initially moved the tribunal seeking initiation of the corporate insolvency resolution process against Transcon.
That petition was withdrawn by Anchor Point in April 2024, after the parties entered into a settlement agreement.
Anchor Point later alleged that Transcon had failed to fully comply with the obligations under the settlement, prompting it to seek revival of the original insolvency petition. The tribunal on March 17, 2025, allowed the restoration, holding that the settlement was conditional and that breach of its terms entitled the financial creditor to revive insolvency proceedings.
Challenging this, Transcon Skycity approached the NCLAT, arguing that the earlier withdrawal was unconditional and that the insolvency petition could not be revived.
The appellate tribunal on July 9, 2025, rejected these contentions. It observed the settlement agreement was brought to the notice of the NCLT, at the time of the withdrawal, and it had consciously dispensed with the requirement of formally placing it on record.
Therefore, the appellate tribunal said, the withdrawal could not be treated as a purely “out-of-court” settlement insulated from judicial scrutiny.
For Appellant: Udita Singh, AOR, with Advocates Himangi Kapoor, Aditya Dewan
For Respondent: Ranjeeta Rohatgi, AOR, with Advocates Devanshi Singh, Yuvraj Kashyap