JSW Steel has confirmed that the Supreme Court of India has rejected its resolution plan for the acquisition of Bhushan Power and Steel Limited, a plan that was previously approved by the National Company Law Appellate Tribunal (NCLAT).
In a stock exchange filing on May 2, the company stated that it has not yet received the official copy of the Supreme Court’s judgment and is therefore unable to assess the reasons for the rejection at this stage. The company added that once the order is reviewed along with its legal advisors, it will determine its next steps.
“JSW Steel confirms that the Hon’ble Supreme Court pronounced judgment today rejecting the resolution plan… We are yet to receive the formal copy of the Order to understand the grounds for rejection in detail and its implications,” the company said in its regulatory disclosure signed by Manoj Prasad Singh, Company Secretary (interim).
The company assured that it will keep the stock exchanges informed of any further developments as per applicable regulatory requirements.