New Delhi, Aug. 29 -- Canara Bank, Union Bank of India (UK) Ltd and LIC Housing Finance Ltd on Saturday said they will challenge the National Company Law Tribunal's (NCLT) order approving a repayment plan proposed by Essel Group founder Subhash Chandra, escalating the legal battle over the settlement of claims arising from his personal guarantees.

Canara Bank, which held a 1.60 per cent voting share, said it had voted against the repayment plan and will file an appeal before the National Company Law Appellate Tribunal (NCLAT). Canara Bank, in a social media post on X said it had also sought a forensic audit, but the request could not be allowed because of its minority voting share.

Union Bank of India (UK) also said it had rejected the ...