Union Bank of India has announced plans to appeal the National Company Law Tribunal’s (NCLT) approval of a resolution plan related to the personal insolvency proceedings against Essel Group Chairman Subhash Chandra. This announcement was made in a statement issued on Saturday, highlighting the bank’s intention to challenge the tribunal’s decision.
The development follows a similar move being considered by HDFC Bank. On Thursday, HDFC Bank said it was exploring an appeal against the NCLT order, saying that only 3.2 per cent of its total claim of Rs 680 crore had been admitted under the Tribunal’s order.
“In the matter of personal insolvency case filed by Indiabulls Housing Finance Ltd against Subhash Chandra, Union Bank of India (UK) Limited along with other public sector undertakings like Canara Bank, LIC Housing Finance Ltd, etc, have rejected the resolution plan and pleaded before NCLT for not approving the same,” it said. Union Bank of India said it will now approach the National Company Law Appellate Tribunal (NCLAT) to challenge the NCLT’s order.
In the statement, Union Bank of India, along with other creditors, including Canara Bank and LIC Housing Finance, had voted against the resolution plan and opposed its approval before the NCLT.
