Union Bank to challenge NCLT approval of Subhash Chandra’s repayment plan over 99% haircut

Union Bank of India would contest the National Company Law Tribunal’s (NCLT) approval of a resolution plan in the personal insolvency proceedings against Essel Group Chairman Subhash Chandra, according to a statement issued on Saturday.

Indiabulls Housing Finance Limited started the personal insolvency process against Chandra.

As per the statement, Union Bank of India voted against the resolution plan and opposed its approval before NCLT, along with other creditors like Canara Bank and LIC Housing Finance Ltd (LIC HFL).