NEW DELHI: The National Company Law Tribunal (NCLT) has ordered the initiation of insolvency resolution proceedings against Essel Homes and Primcomm Media Distribution Ventures after Gnex Realtech defaulted on repayment of loans of nearly Rs 261 crore to Indiabulls Housing Finance. Essel Homes and Primcomm were the co-borrowers, and NCLT has appointed Ravi Prakash Ganti as the interim resolution professional (IRP). Indiabulls had sanctioned a loan of Rs 190 crore to Gnex in June 2020. To raise the debt, the borrower had pledged the shares of Essel Homes and Primcomm.