New Delhi, Aug. 29 -- Union Bank of India will challenge the National Company Law Tribunal's (NCLT) approval of a repayment plan in the personal insolvency proceedings against Essel Group Chairman Subhash Chandra before the National Company Law Appellate Tribunal (NCLAT).

The bank in a statement on X said that it, along with other public-sector creditors had opposed the resolution plan and urged the NCLT not to approve it.

"In the matter of personal insolvency case filed by Indiabulls Housing Finance Ltd against Dr Subhash Chandra, Union Bank of India (UK) Ltd along with other public sector undertakings like Canara Bank, LIC Housing Finance Ltd etc have rejected the resolution plan and pleaded before NCLT for not approving the same," th...