JSW Steel Requests Supreme Court Review on ₹19,300 cr Bhushan Power Deal
JSW Steel, led by Sajjan Jindal, has asked the Supreme Court to reconsider its decision to cancel the acquisition of Bhushan Power and Steel. The move follows a previous petition by BPSL lenders. The Supreme Court has ordered a status quo on the liquidation proceedings until the review is decided.
JSW Steel has approached the Supreme Court seeking review of the judgment that scrapped its acquisition of Bhushan Power and Steel. The company filed the review after the apex court ordered a status quo on the liquidation proceedings of BPSL. The May 2 ruling rejected JSW Steel's resolution plan for BPSL, citing non-compliance with rules. The court directed payments made to creditors and equity contribution by JSW Steel to be refunded within two months.
Bhushan Power and Steel owed over Rs 47,000 crore to lenders when it was put on a bankruptcy resolution list in 2017. JSW Steel acquired BPSL in March 2021 after its proposal was approved by the creditors and the NCLAT. The NCLT had approved JSW Steel's offer in 2019, stating that the successful bidder could not be held responsible for previous misdeeds of the promoters.
According to the source: The Economic Times.
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