India, Aug. 30 -- Days after the controversial NCLT Order favouring media baron Subhash Chandra, many lenders such as Union Bank of India (UK) Ltd, Canara Bank and LIC Housing Finance Ltd have decided to challenge the order reducing liability from more than Rs 22,000 crore to just Rs 6.25 crore. The controversial order came in a case filed by Indiabulls (now name changed as Sammaan Capital) against Subhash Chandra, from invoking personal guarantee against the loans to firms related to him.

These lenders will challenge the NCLT's decision in the National Company Law Appellate Tribunal (NCLAT) as they are aggrieved by the former's decision, which gives them a recovery of just 0.03 per cent of their admitted dues. Referring to the matter of...