Union Bank of India (UK) Ltd, Canara Bank and LIC Housing Finance Ltd will move the National Company Law Appellate Tribunal (NCLAT) against the National Company Law Tribunal’s (NCLT) approval of a repayment plan proposed by Essel Group founder Subhash Chandra.
The lenders had opposed the plan, which proposes payment of ₹6.25 crore against admitted claims of around ₹22,006.57 crore. The plan was approved after creditors supporting it secured 80.81% of the voting share.
Union Bank of India (UK) Ltd said it had rejected the resolution plan along with other public sector entities and had sought its rejection before the NCLT.
“However, due to majority vote of certain private creditors, the same plan has been approved by NCLT,” the…