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JSW Steel has filed a review petition with India's Supreme Court regarding the rejection of its $2.3 billion acquisition of Bhushan Power and Steel (BPSL). The Supreme Court previously rejected JSW Steel's resolution plan and ordered BPSL's liquidation. Following this, the court halted liquidation proceedings after JSW Steel and creditors indicated their intent to file a review petition. View More
Indian steelmaker JSW Steel said on Wednesday it has filed a review petition before the country's top court, related to the rejection of its $2.3 billion takeover of Bhushan Power and Steel (BPSL). Early last month, the Supreme Court of India rejected JSW Steel's resolution plan to acquire BPSL and ordered its liquidation, four years after the takeover was completed. On May 26, the court halted the liquidation proceedings of BPSL after JSW Steel and some creditors of BPSL told the Supreme Court that they will be filing a review petition against the order. (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)