Reliance Industries (RIL) suffered a setback in its attempt to take over Luxembourg-based LyondellBasell Industries on Tuesday after a US court dismissed a creditors’ petition seeking a bigger role for potential investors such as RIL in rescuing the bankrupt company. US bankruptcy judge Robert Gerber dismissed the motion filed by unsecured creditors seeking the installation of a court examiner to ensure that Lyondell gives due consideration to the RIL offer. He also dismissed another petition by the committee urging him to give it the right to come up with a restructuring plan after working with potential investors like Reliance Industries. Gerber, instead, gave Lyondell management time till April 15 to win approvals for its current plan of restructuring, something that has no role for RIL. […]