Heat oven to 350°F. Spray bottom and sides of 13x9-inch (3-quart) glass baking dish with cooking spray. Cook and drain noodles as directed on package
Meanwhile, in 2-quart saucepan, melt butter over medium-high heat. Cook bell pepper and onions in butter, stirring occasionally, until crisp-tender; remove from heat. Stir in milk, soup, basil and pepper.
Place 4 noodles in baking dish. Top with about 1 cup of the soup mixture, half of the cottage cheese, 1 1/2 cups of the chicken, 2/3 cup mozzarella cheese and 1/3 cup Cheddar cheese. Repeat layers once, starting with noodles. Place remaining 4 noodles over top. Top with remaining soup mixture, mozzarella cheese and Cheddar cheese. Sprinkle Parmesan cheese over top.
Bake uncovered 50 to 55 minutes or until bubbly and hot in center. Let stand 15 minutes before cutting.