Union Bank to Contest Subhash Chandra's Insolvency Approval

Union Bank of India has announced its intention to contest the National Company Law Tribunal's (NCLT) approval of a resolution plan concerning the personal insolvency of Essel Group Chairman Subhash Chandra. The proceedings were initiated by Indiabulls Housing Finance Limited, with Union Bank and other creditors, including Canara Bank and LIC Housing Finance, voting against the plan.

Despite the objections from these creditors, the NCLT approved the resolution plan after it received majority support from certain private-sector lenders. Union Bank now plans to approach the National Company Law Appellate Tribunal (NCLAT) to challenge this decision, following a similar move by HDFC Bank, which is also exploring an appeal due to concerns over the substantial haircuts involved in the resolution process.