When restaurateur George Calombaris re-opened his swank new Press Club in late 2013, he declared it would be “the best modern Greek restaurant in the world”.

History repeats itself, as you know, and now the same sexy space has been snagged by serial restaurateur Manpreet Sekhon (Geelong’s Eastern Spice, Fitzroy’s Masti) who wants Elchi to be the best modern Indian in – if not the world, then at least Melbourne.

During her charming nightly circuit of the tables, Sekhon tells me ‘elchi’ means ambassador and that she aims to be just that for Indian cuisine in Australia. I admire her ambition.

There are certainly flashes of menu brilliance but the execution needs work, and I think they should review some of the prices, too. And reconsider the music; hearing The Godfather theme song three times during dinner is bad, but much worse at this volume. Don’t get me started on Send in the Clowns.

I’ve loved this dining room since Calombaris launched it at a reported cost of $2 million. With its horseshoe leather booths, sculptural copper ceiling and foundry windows over Flinders Street planes, it’s a seductive space. Now it’s been reimagined as an Indian fine diner, with extra bar tables for walk-ins seeking a cocktail and snack. Of which there are plenty.

The menu kicks off with golgappa shots – cumin water (an acquired taste) in puffed puri bread pockets. They’re served au naturel or with a shot of vodka or tequila. I stick to things I know I like, such as the Mumbai street snack vada pao, a well-spiced potato patty in a bun. At $12 a pop, it better be great (it is). But a single samosa for $10? Pappadums for $12? You’d want at least a slither of gold leaf to make it worth the money.

Funny I should mention that because Elchi has a signature chicken Mussalam dish that has actual 24-carat gold leaf in it. I pass and instead order the Not-your-average chicken tikka, which is advertised as having tomato-chilli caramel, but is most memorable for its buttery, garlicky, piping-hot chunks of tender meat. Some of the best chicken I’ve had anywhere.

The bread prices are silly. $7 for a single roti and $9 for a paratha? Marie Antoinette lost her head for less. Still, we order one of each to go with the gunpowder gobhi (cauliflower) that also includes broccoli, both vegetables coated in chickpea flour and fried. Delicious, and served in a sticky, spicy tomato sauce.

The 58-page wine list of old has been replaced by two pages of well-priced and well-chosen wines to match the spice and varied tastes of clientele.

For mains, there’s the signature Amritsari fish, a whole fried spicy snapper, curved upright on the plate. It looks spectacular but at $85, it’s a bit steep for two. We order the other fish, a creamy Kovalam curry rich with coconut and tamarind. A side of Swiss chard and cottage cheese (palak paneer) keeps things interesting.

I like Elchi very much. But perhaps it’s trying too hard. It’s a sophisticated space run by a chef who knows her onions, but it hasn’t yet hit its stride. If and when it does, it will finally live up to its name.

Related review: Try veal tongue kebabs plus other cultural wonders at Cotham Dining