Public lenders to challenge Subhash Chandra's 6.25cr repayment at NCLAT
Business
Union Bank of India (UK) Ltd, Canara Bank, and LIC Housing Finance are not happy with the green light given to Subhash Chandra's ₹6.25 crore repayment plan.
Even though private creditors (with 80.81% voting share) backed it, these public sector lenders strongly objected and now plan to take their fight to the National Company Law Appellate Tribunal (NCLAT).
Outvoted lenders to file separate appeals
Union Bank of India (UK) Ltd, Canara Bank, LIC Housing Finance, and HDFC Bank all voted against the plan but did not have enough votes to stop it.
Canara Bank demanded a forensic audit but were outvoted by other financial creditors with 80.81% voting share.
All four have opposed the plan, with the banks indicating separate appeal steps.