# Insolvency proceedings against ESPO Developers

> Live situation record from CLSTR: https://clstr.news/situations/insolvency-proceedings-against-espo-developers
> Updated: 2026-10-07T12:36:35.000Z. Sources: 4. Developments: 2.

The National Company Law Tribunal (NCLT) New Delhi Bench admitted a Corporate Insolvency Resolution Process (CIRP) plea against ESPO Developers Pvt. Ltd. filed by Omkara Asset Reconstruction Pvt. Ltd. The plea, valued at ₹164.03 crore, follows a dispute regarding a ₹136 crore loan facility originally provided by Indiabulls Housing Finance Ltd. in 2019.

While the parties had entered a Settlement Agreement in March 2023, Omkara ARC claimed the agreement was revoked in July 2024 because the corporate debtor failed to meet specific milestones. ESPO Developers contested the petition, citing ₹77.03 crore in payments and ongoing arbitration, but the tribunal rejected these arguments. Ashok Mittal has been appointed as the Interim Resolution Professional.

## Timeline

### 2026-10-07: NCLT admits ₹164.03 crore insolvency plea against ESPO Developers

The NCLT New Delhi Bench admitted a ₹164.03 crore insolvency plea against ESPO Developers Pvt. Ltd. following a default on a loan originally provided by Indiabulls Housing Finance.

3 sources. https://clstr.news/cluster/nclt-admits-16403-crore-insolvency-plea-against-espo-developers

### 2026-09-25: NCLAT Delhi bars insolvency due to pre-existing dispute over spice quality

NCLAT Delhi set aside an insolvency order, ruling that a pre-existing dispute over the quality of sub-standard spices barred the initiation of the Corporate Insolvency Resolution Process.

2 sources. https://clstr.news/cluster/nclat-delhi-bars-insolvency-due-to-pre-existing-dispute-over-spice-quality

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Cite as: Insolvency proceedings against ESPO Developers. CLSTR, https://clstr.news/situations/insolvency-proceedings-against-espo-developers