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JSW Steel Approaches Supreme Court Again Over Bhushan Power Ruling


Updated: June 25, 2025 21:30

Image Source: Live Law

JSW Steel Ltd has filed a review petition before the Supreme Court on June 25, 2025, challenging the apex court’s earlier decision that rejected its ₹19,300 crore resolution plan for Bhushan Power and Steel Ltd (BPSL) and ordered the company’s liquidation.
 
Key Highlights:
 
The Supreme Court’s May 2 judgment declared JSW Steel’s acquisition plan for BPSL “illegal” and directed liquidation of the debt-laden company, impacting both JSW and its lenders.
 
Following the judgment, the court allowed JSW Steel and the Committee of Creditors to file review petitions within 30 days, maintaining a status quo on the liquidation proceedings before the National Company Law Tribunal (NCLT) in the meantime.
 
JSW Steel argued that proceeding with liquidation before the review petition is heard could harm its legal rights and make the petition pointless, given the significant assets and capacity at stake in BPSL.
 
The Supreme Court’s interim order has paused all liquidation actions, giving JSW Steel a window to seek legal recourse and protect its investment interests.
 
The outcome of this review petition is critical for JSW Steel, as BPSL’s Odisha plant accounts for a significant portion of its domestic production capacity and asset base.
 
The case is being closely watched, as its resolution could have broader implications for India’s insolvency and bankruptcy framework, especially regarding large asset resolutions and bidder protections.
 
Source: Economic Times, CNBC-TV18, Indian Express, India Today, Business Standard

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