JSW Steel Fights Back: Review Petition Filed Post Supreme Court Snub

JSW Steel on Wednesday announced its move to challenge the Supreme Court's order rejecting its acquisition plan for Bhushan Power and Steel. The company has filed a review petition following the decision that deemed its proposal illegal.

The apex court's May 2 ruling criticized the conduct of stakeholders involved in the resolution process, citing significant violations of the Insolvency and Bankruptcy Code (IBC). Justice Bela Trivedi noted that the resolution professional failed to uphold his statutory obligations.

Despite the Committee of Creditors initially approving JSW's plan, the court found it did not align with mandatory IBC provisions. The Supreme Court's order to liquidate BSPL has now been challenged, with JSW seeking to pause the liquidation proceedings while the review is considered.

(With inputs from agencies.)