NCLT Chennai Admits Insolvency Petition Against Ozone Homes Private Limited

The Application was filed by IDBI in its capacity as the Debenture Trustee acting on behalf of the Debenture Holders. The Application pertains to a financial debt of Rs. 389.20 Cr., arising from the issuance of secured, redeemable, non-convertible debentures, wherein, the Corporate Debtor defaulted on its repayment obligations under the Debenture Trust Deed.

After hearing detailed arguments from both sides, the Tribunal made the following key observations:

• The existence of a financial debt and the default by the corporate debtor were clearly established.
• The petition was not barred under Section 65 (fraudulent or malicious initiation) or Section 10A (temporary suspension of filings due to COVID-19) of the Code.
• Despite multiple opportunities, Ozone Homes Pvt. Ltd. failed to redeem the debentures or pay the interest due.

Based on the above finding, the Tribunal admitted the Application filed by IDBI under Section 7 of the Code and commenced Corporate Insolvency Resolution Process against Ozone Homes Private Limited and declared moratorium under Section 14.

Case Title: IDBI Trusteeship Services Ltd Vs Ozone Homes Private Limited

Case No. CP(IB)/4(CHE)/2024

IDBI Trusteeship Services Limited was represented by Dua Associates' team comprising of Partners Angad Varma and Toyesh Tewari, Principal Associate Nikhil Mehndiratta, Senior Associate Agastya Sen and Associate Nidhisha Choksi.

Mr. Chandramouli Prabhakar, R. Prithviraj Pandian, Debopriyo Moulik & R. Vandhana Prabhu, Advocates appeared for the Respondent