After digging we came to know that suds throws Type error (Type not found: 'hostSubSpec'") for "HostSubSpecificationUpdateEvent" type Events.
As we are using suds library for SOAP requests which use WSDL files from vCenter Server (suds.client.Client(url="https://"+server_url+"/sdk/vimService?wsdl")) to dig further, I have analyzed WSDL files (VMware\vCenterServer\cfg\vmware-vpx\docRoot\sdk\vim-types.xsd) on vCenter Server and found that there is no type defined for "HostSubSpecificationUpdateEvent" and "HostSubSpecificationDeleteEvent" events.
As per my analysis, suds library finds type from vim-types.xsd. And If specific Events type (as per snippet 2) is not specified then it refers to main Event type (snippet 1) and
If there is no type defined for any field/parameter of event then it will throw Type not found error.
Now, type for specific HostSubSpecificationUpdateEvent is not defined in vim-types.xsd file and these events contain field "hostSubSpec". So as per my theory, it will check type for "hostSubSpec" into Event type (Snippet 1) but it is not there so suds will throw an error 'Type not found: 'hostSubSpec'" '.
As I have no idea if it is the issue with vim-types.xsd file or else, to tempory fix this I have implemented following two approaches
1) I have appended (<element name="hostSubSpec" type="vim25:HostSubSpecification" />) to Event type (Snippet 1)
2) Add Specific Event type to vim-types.xsd file (Snippet 2)
Both are working.
Snippet 1
<complexType name="Event">
<complexContent>
<extension base="vim25:DynamicData">
<sequence>
<element name="key" type="xsd:int" />
<element name="chainId" type="xsd:int" />
<element name="createdTime" type="xsd:dateTime" />
<element name="userName" type="xsd:string" />
<element name="datacenter" type="vim25:DatacenterEventArgument" minOccurs="0" />
<element name="computeResource" type="vim25:ComputeResourceEventArgument" minOccurs="0" />
<element name="host" type="vim25:HostEventArgument" minOccurs="0" />
<element name="vm" type="vim25:VmEventArgument" minOccurs="0" />
<element name="ds" type="vim25:DatastoreEventArgument" minOccurs="0" />
<element name="net" type="vim25:NetworkEventArgument" minOccurs="0" />
<element name="dvs" type="vim25:DvsEventArgument" minOccurs="0" />
<element name="fullFormattedMessage" type="xsd:string" minOccurs="0" />
<element name="changeTag" type="xsd:string" minOccurs="0" />
</sequence>
</extension>
</complexContent>
</complexType>
Snippet 2
<complexType name="HostSubSpecificationUpdateEvent">
<complexContent>
<extension base="vim25:Event">
<sequence>
<element name="name" type="xsd:string" />
<element name="createdTime" type="xsd:dateTime" />
<element name="data" type="xsd:byte" minOccurs="0" maxOccurs="unbounded" />
<element name="hostSubSpec" type="vim25:HostSubSpecification" />
</sequence>
</extension>
</complexContent>
</complexType>