Chandu,
Sorry that you are seeing this issue. MyEclipse 7.5 is a very old release and it is possible that the Migration wizard might throw problems migrating projects created with MyEclipse 7.5.
Alternatively, you can create a new project in MyEclipse 2016 and copy the source files and required libraries from the old project.
If you want us to assist with the project migration then please send us all the .* files of the project (.settings folder, .classpath, .project,.mymetadata etc) excluding the source code from the MyEclipse 7.5 workspace. Also send us the .log file from the MyEclipse 2016 workspace (located at workspace dir/.metadata/.log) for further investigation.
Apologies for inconvenience caused.
–Swapna
MyEclipse Support