{
  "id": 4170034,
  "title": "Union Bank To Challenge NCLT Approval Of Subhash Chandra Resolution Plan",
  "url": "https://urgent.news/2026/08/29/union-bank-to-challenge-nclt-approval-of-subhash-chandra-resolution",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-08-29T10:12:15.000Z",
  "source": {
    "name": "Free Press Journal",
    "slug": "free-press-journal",
    "url": "https://www.freepressjournal.in/business/union-bank-to-challenge-nclt-approval-of-subhash-chandra-resolution-plan"
  },
  "original_language": "en",
  "account": "Mumbai: Union Bank of India intends to contest the approval of the resolution plan in the personal insolvency proceedings involving Essel Group Chairman Dr Subhash Chandra, as per a media statement released on Saturday. The financial institution intends to take the matter to the National Company Law Appellate Tribunal (NCLAT), according to the statement.\n\nSeveral lenders opposed the resolution plan, with Union Bank of India, Canara Bank, and LIC Housing Finance rejecting the proposed resolution plan and urging the NCLT not to approve it. Despite this, the tribunal approved the plan after obtaining majority support from certain private-sector creditors.\n\nThe repayment plan, however, has drawn criticism as it provides creditors with a recovery of just 0.03 percent on a total claim of ₹22,006.57 crore, resulting in a nearly 99.97 percent haircut. HDFC Bank has also expressed interest in challenging the NCLT order, stating that only 3.2 percent of its total claim has been admitted under the order, with a total claim of ₹680 crore.\n\nThe case has garnered attention due to the substantial reduction creditors face under the approved repayment plan.",
  "summary": "Mumbai: Union Bank of India plans to challenge the s approval of the resolution plan in the personal insolvency proceedings involving Essel Group Chairman Dr Subhash Chandra. The bank is expected to approach the National Company Law Appellate Tribunal (NCLAT), according to a media statement issued on Saturday. Media statement pic.twitter.com/smWIJCuexA — Union Bank of India (@UnionBankTweets)…",
  "key_points": [
    "Union Bank of India plans to challenge NCLT's resolution plan approval.",
    "Three lenders, including Union Bank, reject the resolution plan.",
    "NCLT approves plan despite opposition, offering 0.03% recovery."
  ],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}