Ozone Homes invites bids under insolvency process; EoI deadline September 11

Ozone Homes Private Limited, a real estate company undergoing corporate insolvency resolution process (CIRP), has invited expressions of interest (EoI) from prospective resolution applicants as it seeks to revive the company under the Insolvency and Bankruptcy Code (IBC). The invitation has been issued through a modified Form G by resolution professional Ashok Mittal. The revised timelines supersede those contained in the Form G published on July 28, 2026, and have been issued following approval by the Committee of Creditors (CoC).

The last date for submission of EoI is September 11, 2026. The provisional list of prospective resolution applicants will be issued on September 21, while objections to the list can be submitted until September 26. The final list is scheduled to be issued on October 6.

The information memorandum, evaluation matrix and request for resolution plans will be issued on October 12. Resolution applicants will have time until November 11 to submit their resolution plans.

Ozone Homes has its registered office at GN Chetty Road, T Nagar, Chennai. The company has not operated any business during FY2024-25, according to information provided by its suspended management. It also had no employees or workers during the period.

The company’s website is currently not operational.

Two key real estate projects

The majority of the fixed assets of Ozone Homes are located in Mumbai and Chennai, according to the insolvency process document. In Chennai, the company has a project named Gardenia, where a few unsold units are owned by the corporate debtor. However, these units have been attached by authorities. In Mumbai, Ozone Homes has The Autograph, a project being constructed under a joint development agreement. The project is currently stalled and is also under litigation.

The document states that the company had no income booked during FY2024-25 and that it had not conducted any business during the last financial year. Ozone Homes is also not registered as a micro, small or medium enterprise (MSME), according to the Form G.

The resolution professional has provided an email address for prospective applicants to seek further information and submit their expressions of interest. The insolvency process is being conducted under the Insolvency and Bankruptcy Board of India’s (IBBI) framework.

The revised Form G is dated August 12, 2026, and has been issued from Mumbai by resolution professional Ashok Mittal, who is overseeing the CIRP of Ozone Homes.

Initiation of Insolvency

Ozone Projects Private Limited has been admitted into the corporate insolvency resolution process (CIRP) after the Chennai bench of the National Company Law Tribunal (NCLT) admitted a petition filed by IDBI Trusteeship Services Ltd, acting as debenture trustee for the financial creditors.

The NCLT Division Bench-I, comprising Member (Judicial) Sanjiv Jain and Member (Technical) Venkataraman Subramaniam, admitted the petition on July 16, 2026, and appointed Ashok Mittal as the interim resolution professional (IRP).

The insolvency proceedings stem from a Rs 126.30-crore debenture facility extended to Ozone Projects under a Debenture Trust Deed dated June 29, 2016. IDBI Trusteeship Services had filed the application under Section 7 of the Insolvency and Bankruptcy Code (IBC) in its capacity as debenture trustee for the debenture holders, including Indiabulls Real Estate Fund and Patni Healthcare Ltd.

According to the NCLT order, the company defaulted on its repayment obligations under the trust deed. The redemption date was extended seven times at the company’s request, with the final extension running until September 20, 2021. As of July 31, 2022, the amount claimed as outstanding stood at Rs 212.32 crore.

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