Union Bank's UK arm to appeal against NCLT order in Subhash Chandra's case
This story was originally published at 17:08 IST on 29 August 2026
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NEW DELHI – Union Bank of India (UK) Ltd. will challenge the National Company Law Tribunal's approval for the resolution plan in the personal insolvency case of Essel Group Chairman Subhash Chandra, Union Bank of India said in a statement posted on its social media handles.
The Union Ministry of Finance's Department of Financial Services reposted the state-owned lender's statement on X, formerly Twitter. Union Bank's UK subsidiary joins HDFC Bank in publicly stating an intent to appeal against the order.
The UK subsidiary of Union Bank and other public-sector lenders such as Canara Bank and LIC Housing Finance Ltd. had rejected the resolution plan and pleaded that the tribunal not accept it, Union Bank said. The plan was approved by the majority vote of "certain private creditors", it said. Indiabulls Housing Finance Ltd. had filed a case of personal insolvency against the Essel Group chairman.
A tie-breaker judge of the Delhi bench of the National Company Law Tribunal voted Tuesday to approve the INR 62.50 million repayment plan submitted by Chandra, chairman emeritus of Zee Entertainment Enterprises Ltd., for admitted claims of INR 220.07 billion in personal guarantor insolvency proceedings. The tribunal's final order is yet to be published. The order can be challenged in the National Company Law Appellate tribunal only after it is published. End
Reported by Aaryan Khanna
Edited by Rajeev Pai
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