Union, Canara Bank to appeal NCLT's Chandra order

Canara Bank, Union Bank challenge NCLT's approval of Subhash Chandra's repayment plan offering creditors just 0.03% recovery.MUMBAI: Canara Bank and Union Bank of India are challenging NCLT's approval of Zee group founder Subhash Chandra's repayment plan, under which creditors would recover 0.03% of their admitted claims relating to his liabilities as a personal guarantor, arguing that the plan was approved despite opposition from public-sector creditors.The insolvency proceedings were initiated by Indiabulls Housing Finance against Chandra. Canara Bank, which has a 1.6% voting share, and Union Bank of India, which has 0.76%, opposed the repayment plan and sought its rejection. LIC Housing Finance, with a 6.1% voting share, also voted against the plan. However, the plan secured the support