In a significant development under the Insolvency and Bankruptcy Code, 2016 (“Code”), the National Company Law Tribunal, Chennai Bench – II, has admitted an Application filed under Section 7 of the Code by IDBI Trusteeship Services Ltd. (“IDBI”) against Ozone Homes Pvt. Ltd., marking the commencement of the Corporate Insolvency Resolution Process against the real estate developer on October 10, 2025.
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…