Canara Bank, Union Bank appeal Subhash Chandra's 6.5cr Essel plan
Business
Canara Bank and Union Bank aren't happy with Essel Group chairman Subhash Chandra offering just ₹6.5 crore to settle massive dues of about ₹22,006.57 crore.
They've appealed the approved repayment plan, and the National Company Law Appellate Tribunal (NCLAT) agreed to list the matter for hearing on Tuesday, September 1, 2026.
Tribunal rejects banks' voting control claim
The banks say Chandra's family-linked entities held most of the voting power, 61.78%, and helped push his plan through.
They argued this wasn't fair under insolvency rules, but the tribunal decided these entities weren't directly controlled by Chandra.
For now, the approved plan stands because it promises creditors better returns than bankruptcy.