The Supreme Court on Thursday admitted review petition filed by JSW Steel Ltd. on Bhushan Power and Steel’s insolvency case. The apex court will hear the matter on Aug. 7.
Last month, JSW Steel had filed a review petition in the Supreme Court regarding its earlier judgment related to Bhushan Power ‘s resolution plan.
In early May, the apex court ruled that JSW Steel’s 2019 acquisition of Bhushan Power was not in conformity with the law and ordered the transaction to be reversed, along with liquidation of the company. Under the 2019 resolution plan, JSW Steel had agreed to pay Rs 19,700 crore, of which Rs 19,350 crore was allocated to financial creditors and Rs 350 crore to operational creditors.
The Supreme Court later ordered a status…