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Union Bank to Contest NCLT Approval of Subhash Chandra's Insolvency Resolution Plan

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Union Bank of India has decided to legally challenge the approval of a resolution plan related to media baron Subhash Chandra's insolvency proceedings. The bank, along with fellow creditors Canara Bank and LIC Housing Finance, had previously voted against the resolution plan. The creditors had also formally opposed the plan's approval before the National Company Law Tribunal (NCLT). Their objections indicate significant disagreement among lenders over the terms of the proposed insolvency resolution.

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