Ozone Projects Homebuyers' Insolvency Petition Dismissed

NCLT Chennai dismissed a Section 7 IBC petition filed by 20 homebuyers against Ozone Projects Private Limited.
The petition sought initiation of CIRP for a default of ₹16.13 crore related to the 'Metrozone' real estate project.
The Tribunal ruled the petition did not meet the mandatory threshold of 100 allottees or 10% of total allottees.
Homebuyers with RERA decrees were held to remain allottees, requiring collective action under IBC's threshold provisions.