# In the matter of S. Vasudevan vs. IDBI Trusteeship Services Ltd. and Anr.

> NCLAT judgment dated 2025-08-01. Citation: TCN-2025-NCLAT-00461. The Appellant, S. Vasudevan, the Suspended Director of M/s. Tuscan Consultants and Developers…

- **Court:** NCLAT
- **Order date:** 1 Aug 2025
- **Citation:** TCN-2025-NCLAT-00461
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-chennai/s-vasudevan-vs-idbi-trusteeship-services-ltd-and-anr-432778c2

## Summary

### Background

The Appellant, S. Vasudevan, the Suspended Director of M/s. Tuscan Consultants and Developers Private Limited (Corporate Debtor), challenged the order dated 09.10.2023 passed by the Adjudicating Authority, NCLT Chennai, in CP/IB/81/CHE/2023, which admitted the application filed by Respondent No. 1, IDBI Trusteeship Services Limited, under Section 7 of the I&B Code, 2016.

## Facts

S. Vasudevan, the Suspended Director of M/s. Tuscan Consultants and Developers Private Limited, appealed against the NCLT Chennai's order admitting the company into CIRP.

IDBI Trusteeship Services Limited filed an application under Section 7 of the I&B Code against Tuscan Consultants and Developers Private Limited.

Tuscan Consultants and Developers Private Limited acted as a corporate guarantor for Ozone Projects.

Ozone Projects defaulted on its obligations under a Debenture Trust Deed (DTD) executed on 29.06.2016.

IDBI Trusteeship Services Limited issued a demand notice on 13.12.2021 to Ozone Projects and the Corporate Debtor.

CIRP proceedings against Ozone Projects were initiated before NCLT Chennai on 01.05.2023.

…

## Issues and analysis

### Issue 1: Whether the NCLT Chennai had jurisdiction to entertain the Section 7 application against the …

**Ratio:** NCLT Chennai had jurisdiction under

…

**Reasoning:** Section 60(2) creates an exception to Section 60(1), allowing proceedings against a

…

**Interpretation:** The term 'pending' in Section 60(2) includes the period from the date of

…

**Application:** Since the Section 7 application against Ozone Projects was filed before NCLT

…

## Parties

- **Judges:** Sharad Kumar…; Jatindranat…
- **Appellants:** S. Vasu…
- **Respondents:** Tuscan Consultants…; IDBI Trusteeship…; +1 more
- **Other parties:** Ozone Projects…
- **Advocates:** T.K. Bh…; Chandramouli…; +4 more

## Timeline

- **2016-06-29 — Execution of Debenture…**: Respondent No.1 executed a Debenture Trust…
- **2021-12-13 — Demand N…**: Respondent No. 1 issued a Demand Notice to Ozone Projects and the other Guarantors,…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclat-chennai/s-vasudevan-vs-idbi-trusteeship-services-ltd-and-anr-432778c2