Lenders line up against NCLT order on Chandra
After HDFC Bank, public sector lenders Union Bank of India, Canara Bank and LIC Housing Finance (LIC HFL) have also decided to challenge the National Company Law Tribunal (NCLT) order approving a repayment plan for Essel Group founder Subhash Chandra before the National Company Law Appellate Tribunal (NCLAT).
The lenders had voted against the repayment plan, under which creditors will receive just Rs 6.25 crore against admitted claims of Rs 22,006.57 crore. The plan entails a recovery of around 0.03% for creditors.
