Hi Amit! Generally, GK and essay are not considered by other B-schools. However, XLRI and some other B-schools like SPJIMR take a look at the essay for the final selection procedure. If your score/percentile in Paper 1 is satisfactory and you clear the cutoffs of your the B-schools you've aimed for. It should not have much of a negative impact as most of these institutes will conduct GD/WAT and PI rounds for final selection.