# In the matter of OZONE HOMES PRIVATE LIMITED

> Read the full IBC case summary for In the matter of OZONE HOMES PRIVATE LIMITED. NCLT judgment dated 2025-10-10. Citation: TCN-2025-NCLT-01499.

- **Court:** NCLT
- **Order date:** 10 Oct 2025
- **Citation:** TCN-2025-NCLT-01499
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ozone-homes-private-limited-5d0a3253

## Summary

### Background

The petition was filed by IDBI Trusteeship Services Ltd, acting as a debenture trustee, to initiate the Corporate Insolvency Resolution Process (CIRP) against Ozone Homes Private Limited due to a default in redeeming debentures.

## Facts

IDBI Trusteeship Services Ltd. (Applicant), acting as a debenture trustee for debenture holders, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Ozone Homes Private Limited (Corporate Debtor) to initiate the Corporate Insolvency Resolution Process (CIRP). The Applicant was incorporated on March 8, 2001, and the Corporate Debtor on July 16, 2008. The petition was filed on November 22, 2023.

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## Issues and analysis

### Issue 1: Whether the application filed under Section 7 of the IBC is vitiated under Section 65 or barred…

**Ratio:** An application under Section 7 of the IBC is not vitiated under Section 65 or barred…

**Reasoning:** The Tribunal found that the debenture trust deed and its amendments were executed in a…

**Interpretation:** The court interpreted **Section 10A** to apply only to defaults occurring…

**Application:** Since the default date of November 16, 2022, fell outside the Section 10A…

## Parties

- **Judges:** JYOTI KUMAR…; RAVICHANDRAN…
- **Advocates:** Angad V…; V.V. Siva…; +7 more

## Timeline

- **November 15, 2016 — Debenture Trustee…**: Ozone Home Private Limited appointed IDBI Trusteeship Services Ltd as Debenture trustee…
- **November 16, 2016 — Debenture Trust Deed…**: Debenture trust deed executed between IDBI Trusteeship Services Ltd, Ozone Homes Private…

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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/nclt-chandigarh/ozone-homes-private-limited-5d0a3253