JSW Steel files review petition before India’s top court on Bhushan Power deal collapse

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 plan 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 the debt-ridden firm after JSW Steel and some creditors of BPSL told the Supreme Court that they would file a review petition against the order.

The court had said that the pause on liquidation proceedings will be in effect until a review petition is filed and taken up.

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The collapse of the deal had unsettled buyers of distressed assets, with many lawyers and bankruptcy law experts saying that the ruling has alarmed potential buyers of insolvent or bankrupt firms, Reuters reported in May.

The Supreme Court cited major procedural lapses for the ruling, JSW Steel had said. The company added that it saw no impact from the order.