Ozone Homes Private Limited

Admitted to insolvency on 10 Oct 2025 by the NCLT Chennai, Division Bench II bench, on a petition by IDBI Trusteeship Services Ltd. The admission order dates the default to 16 Nov 2022, 2.9 years before admission. The process is 347 days old as of 22 Sep 2026; cases that ended in a resolution plan took a median of 627 days. Ashok Mittal is the resolution professional. Expressions of interest are open until 12 Oct 2026 - 20 days from today; the invitation has been issued 7 times. Creditors have filed claims of Rs 1,738.40 Cr, of which Rs 612.14 Cr is admitted so far (as on 28 Mar 2026).

A Chennai developer whose two projects are both unavailable -- one attached, one stalled and in litigation -- and whose largest claim is a contingent Rs 1,049 crore that nobody has yet been able to verify. Ozone Homes raised Rs 184 crore in 2016 by privately placing 1,840 secured non-convertible debentures of Rs 10 lakh each, with IDBI Trusteeship Services as debenture trustee, a corporate guarantee from Tuscan Consultants & Developers and a personal guarantee from Mr. S. Vasudevan. It defaulted on 16-11-2022; the trustee petitioned a year later on a debt of Rs 389.20 crore as on 20-11-2023; and NCLT Chennai Division Bench-II admitted the case on 10-10-2025 in CP(IB)/4(CHE)/2024, both sides fully represented. THE CLAIM BOOK IS THE STORY. Five versions in five months. Rs 1,738.40 crore claimed against Rs 612.14 crore admitted -- and of the Rs 1,125.71 crore left hanging, a single contingent claim of Rs 1,049.54 crore filed in the residual "other creditors" row accounts for almost all of it. The debenture trustee's own claim was admitted in full at Rs 535.89 crore, nearly three times the money originally raised. Fourteen homebuyers have filed as a class for Rs 35.62 crore admitted. Nobody has filed as a workman or an employee, which fits a company the resolution professional says has booked no income at all in FY 2024-25. THE PROCESS HAS BEEN RUNNING SINCE OCTOBER 2025 AND IS NOW ON DAY 306 -- past the 270-day outer limit -- with FIVE Form G rows published: an original of 22-12-2025 extended twice into February, then a REISSUE dated 28-07-2026 after the committee of creditors resolved on 13-07-2026, by a 92.34 per cent majority in its ninth meeting, to go back to market. That reissued ad closes on 12-08-2026. It is also, as published, incomplete: it stops at row 10 and never states when plans are due (R-136).