# Indiabulls Housing Finance Limited vs. Essel Home Pvt Ltd

> NCLT judgment dated 2026-10-01. Citation: TCN-2026-NCLT-01130. The Corporate Insolvency Resolution Process (CIRP) was initiated against Essel Home Pvt Ltd…

- **Court:** NCLT
- **Order date:** 1 Oct 2026
- **Citation:** TCN-2026-NCLT-01130
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/essel-homes-private-limited-suaa2

## Summary

### Background

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.

## Facts

The Corporate Insolvency Resolution Process (CIRP) against Essel Home Private Limited ('Corporate Debtor') was commenced on April 25, 2024, based on an application filed under Section 7 of the IBC by Indiabulls Housing Finance Ltd (Financial Creditor).

Mr. Ravi Prakash Ganti was appointed as the Interim Resolution Professional (IRP) and subsequently confirmed as the Resolution Professional (RP) for Essel Home Pvt Ltd.

Public Announcement inviting claims from creditors was made on April 30, 2024, in Financial Express (English) and Navakal (Marathi) newspapers.

The original applicant, Indiabulls Housing Finance Limited, submitted a claim of Rs. 259,14,76,611/-, which was admitted after verification.

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## Issues and analysis

### Issue 1: Whether Clauses 1 and 2 of Schedule-II of the Insolvency and Bankruptcy Board of India (Insolvency …

**Ratio:** Schedule II of the CIRP Regulations, which prescribes minimum fees, is not mandatory in

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**Reasoning:** The Tribunal relied on the NCLAT judgment in *CMA Harshad Despande vs. Shri Rakesh Kumar

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**Interpretation:** The provisions of Schedule II regarding minimum fees are not absolute and must

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**Application:** In the present case, the NCLAT's stay on the publication of Form G effectively

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## Parties

- **Judges:** SH. HARIHARAN…; LAKSHMI G…
- **Appellants:** Ravi Prakash…; Indiabulls…; +1 more
- **Respondents:** Essel Home…; Asset Reconstructi…; +2 more
- **Other parties:** Sole member…; Sammaan Capital…; +2 more
- **Advocates:** Ahsan A…; Nishin Shri…; +2 more

## Timeline

- **2024-04-25 — CIRP Commencement & IRP…**: CIRP against Essel Home Pvt Ltd commenced, and Mr. Ravi Prakash Ganti was appointed as…
- **2024-04-30 — Public Annou…**: Public Announcement was made in…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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