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2026 Supreme(Online)(NCLT) 2136
IN THE NATIONAL COMPANY LAW TRIBUNAL, DIVISION BENCH – I, CHENNAI
CP(IB)/185(CHE)/2022 [filed under Section 7 of the Insolvency and Bankruptcy Code, 2016]
1. Mr. Arumugam Thimmarayan S/o Shri. K. T. Thimmarayan R/o No. 60, Brigade Aspiro, Block D2, no.1 chanakiyan main road, Annamalai Avenue, Nolambur, Tiruvallur, Tamil nadu – 600095
2. Mrs. M.D. Poovarasi W/o Mr. Arumugam Thimmarayan R/o No.60, Brigade Aspiro, Block D2, No.1 Chanakiyan Main Road Annamalai Avenue, Nolambur, Tiruvallur, Tamil nadu – 600095
3. Mr. G. Senthil Kumar, S/o late S. Govindan, R/o D18-406, Purva Windermere, Bhavani Amman Koil Street, Pallikaranai, Chennai – 600100
4. Mrs. Shyamala Senthil Kumar W/o Mr. G Senthil Kumar R/o D18-406, Purva Windermere, Bhavani Amman Koil Street, Pallikaranai, Chennai – 600100
5. Mr. N.A. Paramaguru Raja Nellaiappan S/o Shri Nellaiappan Alagappan R/o 51/10, Muniyasamypuram 2nd street, Thoothukudi – 628003
6. Mr. Nithi S. Anand S/o. Shri M.C. Selvaraj R/o 4079, Oak Forest Circle Marietta, GA – 30062 USA
7. Mr. Manoj Parekh S/o. Late Sri Chhotalal R Parekh R/o Rushab Apartments, New No. 53, And Old No. 24, Ritherdon Road, First Floor, Vepery, Chennai – 600 007
8. Mrs. Sheetal M. Parekh W/o. Mr. Manoj Parekh R/o Rushab Apartments, New No. 53, And Old No. 24, Ritherdon Road, First Floor, Vepery, Chennai – 600 007
9. Mr. Sreenivasulu Lekkala S/o Shri Venkata Krishnaiah Lekkala R/o 1166, Sunnyvale Saratago RD APT 35 Sunnyvale CA, USA 94087
10. Mr. Bobby Doddi S/o. Shri B. Chandrasegaran R/o 4692, Bishop Lake RD Marietta, GA 30062
11 Mr. Suresh Nagarajan S/o Shri S. Nagarajan R/o New No. 23, Old 31/2 South Gangai Amman Koil First Street Choolaimedu, Chennai – 600 094
12. Mrs. Jagadamma Sobhana Prasanna Kumar D/o Shri Madha Van Pillai R/o # 406, 18609 SE Newport Way Issaquah, Washington 98027, USA
13. Mr. Vijayan Chandran S/o Shri Chandran Kanagaraj R/o 39/E5, Sudha Colony, Kaatoor, Metupalayam, Coimbatore – 641 305
14. Mrs. Shradha Paresh Tolia D/o. Shri Paresh Nandalal Tolia R/o 7 K Grand Cayon Apartments East Venkatsamy Road, RS Puram, Coimbatore – 641 002
15. Mr. P. Balaji S/o Shri Pandurangan R.V.R/o 2B-A3, Block, Olympia Grande, 328, GST Road, Pallavaram, Chennai – 600 043
16. Mr. N.R. Vijayasekaran S/o Shri A.R.P.N. Rajamanickam]R/o No. 41, Vanivilas Road, Basa Vanagudi, Bangalore – 560 004
17. Mr. Biswajit Deka S/o. Late Bhubaneswar Deka R/o H No. 4, Lane 1, Bishnu Path, Rukminigaon, Guwahati – 781022
18. Mrs. V. Rajani W/o. Shri N.R. Vijayasekaran R/o No. 41, Vanivilas Road, Basavanagudi, Bangaolre – 560 004
19. Mr. G. Raja Gopal S/o Shri Gengama Naidu R/o No. 76, T.S. Krishna Nagar, Anna Nagar (W) – 600 037
20. Mr. Gopal Krishna S/o Shri A.K. Prasad R/o K- 901, Metrozone, Chennai – 600 040
... Petitioners / Financial Creditors Vs.
1. M/s. Ozone Projects Private Limited Through its Directors(s)(CIN: U70101TN2005PTC056894) Having its Registered Office at New No. 63, G.N. Chetty Road, T. Nagar, Chennai – 600 017, Tamil Nadu.
For Petitioners : Raj Kumar Jhabakh, Advocate
For Respondent : S.R Rajagopal, Senior Advocate
Chandramouli Prabhakar, Advocate
Along with IA(IBC)/1866(CHE)/2025 IN CP(IB)/185(CHE)/2022 [filed under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 R/w Rule 11 & 49 of NCLT Rules, 2016]
1. M/s. Ozone Projects Private Limited A Company incorporated under the provisions of the Companies Act 1956 (CIN: U70101TN2005PTC056894) Having its Registered Office at New No. 63, G.N. Chetty Road, T. Nagar, Chennai – 600 017, Tamil Nadu. Represented by its Managing Director Mr. S. Vasudevan . . . Applicant Vs.
1. Mr. Arumugam Thimmarayan S/o Shri. K. T. Thimmarayan R/o No. 60, Brigade Aspiro, Block D2, no.1 chanakiyan main road, Annamalai Avenue, Nolambur, Tiruvallur, Tamil nadu – 600095
2. Mrs. M.D. Poovarasi W/o Mr. Arumugam Thimmarayan R/o No.60, Brigade Aspiro, Block D2, No.1 Chanakiyan Main Road Annamalai Avenue, Nolambur, Tiruvallur, Tamil nadu – 600095
3. Mr. N.A. Paramaguru Raja Nellaiappan S/o Shri Nellaiappan Alagappan R/o 51/10, Muniyasamypuram 2nd street, Thoothukudi – 628003
4. Mr. N.R. Vijayasekaran S/o Shri A.R.P.N. Rajamanickam]R/o No. 41, Vanivilas Road, Basa Vanagudi, Bangalore – 560 004
5. Mrs. Shyamala Senthil Kumar W/o Mr. G Senthil Kumar R/o D18-406, Purva Windermere, Bhavani Amman Koil Street, Pallikaranai, Chennai – 600100
6. Mr. Manoj Parekh S/o. Late Sri Chhotalal R Parekh R/o Rushab Apartments, New No. 53, And Old No. 24, Ritherdon Road, First Floor, Vepery, Chennai – 600 007
7. Mrs. Sheetal M. Parekh W/o. Mr. Manoj Parekh R/o Rushab Apartments, New No. 53, And Old No. 24, Ritherdon Road, First Floor, Vepery, Chennai – 600 007
8. Mr. Sreenivasulu Lekkala S/o Shri Venkata Krishnaiah Lekkala R/o 1166, Sunnyvale Saratago RD APT 35 Sunnyvale CA, USA 94087
9. Mr. Bobby Doddi S/o. Shri B. Chandrasegaran R/o 4692, Bishop Lake RD Marietta, GA 30062
10 Mr. Suresh Nagarajan S/o Shri S. Nagarajan R/o New No. 23, Old 31/2 South Gangai Amman Koil First Street Choolaimedu, Chennai – 600 094
11. Mr. Nithi S. Anand S/o. Shri M.C. Selvaraj R/o 4079, Oak Forest Circle Marietta, GA – 30062 USA
12. Mrs. Jagadamma Sobhana Prasanna Kumar D/o Shri Madha Van Pillai R/o # 406, 18609 SE Newport Way Issaquah, Washington 98027, USA
13. Mr. Vijayan Chandran S/o Shri Chandran Kanagaraj R/o 39/E5, Sudha Colony, Kaatoor, Metupalayam, Coimbatore – 641 305
14. Mrs. Shradha Paresh Tolia D/o. Shri Paresh Nandalal Tolia R/o 7 K Grand Cayon Apartments East Venkatsamy Road, RS Puram, Coimbatore – 641 002
15. Mr. G. Senthil Kumar, S/o late S. Govindan, R/o D18-406, Purva Windermere, Bhavani Amman Koil Street, Pallikaranai, Chennai – 600100
16. Mr. Biswajit Deka S/o. Late Bhubaneswar Deka R/o H No. 4, Lane 1, Bishnu Path, Rukminigaon, Guwahati – 781022
17. Mrs. V. Rajani W/o. Shri N.R. Vijayasekaran R/o No. 41, Vanivilas Road, Basavanagudi, Bangaolre – 560 004
18. Mr. G. Raja Gopal S/o Shri Gengama Naidu R/o No. 76, T.S. Krishna Nagar, Anna Nagar (W) – 600 037
19. Mr. Gopal Krishna S/o Shri A.K. Prasad R/o K- 901, Metrozone, Chennai – 600 040
20. Mr. P. Balaji S/o Shri Pandurangan R.V.R/o 2B-A3, Block, Olympia Grande, 328, GST Road, Pallavaram, Chennai – 600 043
. . . Respondents
Present:
For Applicant : S.R Rajagopal, Senior Advocate
Chandramouli Prabhakar, Advocate
For Respondents : Raj Kumar Jhabakh, Advocate
CORAM:
SANJIV JAIN, MEMBER (JUDICIAL)
VENKATARAMAN SUBRAMANIAM, MEMBER (TECHNICAL)
Order Pronounced on 15th April, 2026
Sd/- Sd/-
VENKATARAMAN SUBRAMANIAM
MEMBER (TECHNICAL)
SANJIV JAIN
MEMBER (JUDICIAL)
For the Petitioner:CHETNA BISHT
For the Respondent:Vikram veerasamy. B
ORDER (Heard through Hybrid Mode)
1. This petition under Section 7 of IBC has been filed by the Petitioners /Home Buyers against the Corporate Debtor Ozone Projects Private Limited for initiating Corporate Insolvency Resolution Process (CIRP).
2. Part – I of the petition sets out the details of the Petitioners (20 Nos) /Home Buyers. Part – II of the petition sets out the details of the Corporate Debtor Ozone Projects Private Limited. It was incorporated on 13.07.2005 with paid up capital of Rs. 143,57,70,000/-. Its registered office is situated at New No. 63, G.N. Chetty Road, T. Nagar, Chennai, Tamil Nadu within the jurisdiction of this Tribunal. In Part – III of the petition, the Petitioners have proposed the name of Mr. Amarpal having registration No. IBBI/IPA-01/IP/P01584/2018-2019/12411 as Interim Resolution Professional. In Part – IV of the petition, the Petitioners have given the particulars of the financial debt being Rs.21,71,30,421/- summarized as below:
3. As per the averments made, the Corporate Debtor is engaged in the business of real estate and infrastructural development including construction and development of residential and commercial complexes. This petition relates to the project “The Metro Zone” located at Koyambedu Village, Egmore, Nungambakkam Taluk, Chennai being developed by the Corporate Debtor which is registered with TNRERA vide registration No. TN/29/Building/0095/2019.
4. It is alleged that while launching the project, the Corporate Debtor made misrepresentation to the public through advertisements and broachers to lure the buyers to make investments / purchase flats. The Petitioners and other Financial Creditors paid the amount to the Corporate Debtor during the period from 2015 to 2017 against the allotment of units based on the assurance by the Corporate Debtor that the possession of the flats would be delivered within the time specified in the agreements. It is stated that the Corporate Debtor executed separate agreements i.e. construction agreements, agreements for sale and tri-partite agreements with the Petitioners who made the payments approximately 80% to 90% of the total consideration. The total principal amount paid to the Corporate Debtor is Rs. 16,13,59,974/-. It is stated that the Corporate Debtor despite extracting huge money from the Petitioners under one sided agreements / allotment letters made no progress in the construction of the project. The towers of the project where the units were booked did not even get one stone laid till date. It was informed by the Officials of the Corporate Debtor that these towers are being scrapped and the land is being put on sale for other purpose. It is stated that the Petitioners made multiple visits to the office of the Corporate Debtor and filed the criminal complaints regarding misappropriation of money etc., upon which the Corporate Debtor accepted its default and acknowledged to pay the debts as paid by the Petitioners in a time bound manner. It is stated that the Corporate Debtor sent letters / mails / supplementary agreements to the Petitioners whereby the Corporate Debtor acknowledged the default so committed against the financial deb
