MUMBAI: JSW Steel is considering legal options after the Supreme Court rejected its resolution plan for Bhushan Power and Steel . The court ordered Bhushan's creditors to pay back Rs 19,300 crore, which is the amount JSW paid to buy Bhushan. It also directed Bhushan's creditors to repay the equity investments made by JSW in Bhushan. JSW, controlled by steel tycoon Sajjan Jindal, said on Friday it reviewed the situation with lawyers and believes it has strong legal grounds to take further action.
The legal step is to ask the court to review its May 2 decision, which found JSW's resolution plan violated India's bankruptcy laws.
The court also ordered Bhushan to be liquidated. JSW stated that it followed the law when implementing the original resolution plan, adding that it took all necessary steps to revive Bhushan to its current state.
The legal step is to ask the court to review its May 2 decision, which found JSW's resolution plan violated India's bankruptcy laws.
The court also ordered Bhushan to be liquidated. JSW stated that it followed the law when implementing the original resolution plan, adding that it took all necessary steps to revive Bhushan to its current state.
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