๐ฆ Union Bank challenges Subhash Chandra's insolvency plan
Union Bank of India is going to challenge the NCLT's approval of a resolution plan in Subhash Chandra's personal insolvency case. This case was initiated by Indiabulls Housing Finance Limited against the Essel Group Chairman in a legal proceeding. The plan was approved by the tribunal despite Union Bank and others voting against it, after securing support from private-sector creditors. Union Bank of India stated it will now approach the NCLAT to challenge the NCLT's order. The decision has been noted by lenders due to the significant haircuts involved in the recovery process. ๐ฆ