Union Bank of India announces it will challenge the National Company Law Tribunal’s (NCLT) approval of Subhash Chandra’s insolvency resolution plan. The lender says it had voted against the plan and opposed its approval during the insolvency process.
NDTV reports that Union Bank is acting alongside other creditors, including Canara Bank and LIC Housing Finance. According to the statement, these creditors reject the resolution plan and have urged the NCLT not to approve it. The development follows earlier reporting that HDFC Bank also seeks to challenge the NCLT’s decision.
While the outlets all focus on the same challenge, their coverage emphasizes different triggers—some note Union Bank’s decision after similar action by HDFC Bank, while others describe the coalition of creditors that voted against the plan before the NCLT. All accounts describe the dispute as centered on the tribunal’s approval of the plan and the creditors’ objections to it.
