Union Bank, LIC Housing Fin, Canara Bank challenge NCLT nod to Subhash Chandra resolution plan
- Posted on August 29, 2026
- By Business News Today
- 1 Views
- 1 min read
In brief
Major public sector lenders including Canara Bank, Union Bank of India, and LIC Housing Finance are mounting legal challenges against the NCLT-approved insolvency resolution plan for businessman Dr. Subhash Chandra. Despite private creditors endorsing the restructuring proposal, these three financial institutions plan appellate proceedings before the NCLAT, citing concerns over governance and their request for forensic audits that were rejected due to insufficient voting power in the creditor committee.
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Union Bank, LIC Housing Fin, Canara Bank challenge NCLT nod to Subhash Chandra resolution plan
Canara Bank, Union Bank of India, and LIC Housing Finance will challenge a repayment plan. The National Company Law Tribunal approved the plan for Dr Subhash Chandra's insolvency case. These lenders opposed the plan, which was approved by other private creditors. They are filing appeals before the National Company Law Appellate Tribunal. The lenders sought a forensic audit which was denied due to their voting share.
