Mumbai, Aug. 27 -- HDFC Bank plans to challenge the National Company Law Tribunal (NCLT) order approving a repayment plan proposed by Zee group founder and chairman Subhash Chandra, under which he will pay just Rs.6.5 crore against admitted creditor claims of about Rs.22,006.57 crore.

India's largest private lender told Mint on Thursday that, based on the order, it stands to recover only 3.2% of its total claim. The bank inherited the loan facility from HDFC Ltd following the housing finance company's merger with the bank. Mint could not ascertain the amount of the loan.

HDFC Bank had opposed the settlement and voted against the resolution, which was approved by the majority. The bank is exploring an appeal before the National Company L...