The Corporate Insolvency Resolution Process (CIRP) was initiated against Essel Home Pvt Ltd (Corporate Debtor) on April 25, 2024, based on an application by Indiabulls Housing Finance Limited (Financial Creditor). Mr. Ravi Prakash Ganti was appointed as the Interim Resolution Professional (IRP) and subsequently confirmed as the Resolution Professional (RP). A settlement was reached between the Financial Creditor (whose debt was assigned to Asset Reconstruction Company of India Ltd - ARCIL) and the Corporate Debtor's promoters for the withdrawal of the CIRP under Section 12A of the IBC. However, a dispute arose regarding the quantum of the RP's fees for the period during which the CIRP proceedings were effectively stayed by the NCLAT.

The Corporate Insolvency Resolution Process (CIRP) was initiated against Essel Home Pvt Ltd (Corporate Debtor) on April 25, 2024, based on an application by Indiabulls Housing Finance Limited (Financial Creditor). Mr. Ravi Prakash Ganti was appointed as the Interim Resolution Professional (IRP) and subsequently confirmed as the Resolution Professional (RP). A settlement was reached between the Financial Creditor (whose debt was assigned to Asset Reconstruction Company of India Ltd - ARCIL) and the Corporate Debtor's promoters for the withdrawal of the CIRP under Section 12A of the IBC. However, a dispute arose regarding the quantum of the RP's fees for the period during which the CIRP proceedings were effectively stayed by the NCLAT.