Eventually, JSW Steel gained a fresh chance to save its £ 19.350 crore from Bhushan Power and Steel Ltd (BPSL). The Supreme Court on Thursday repealed its earlier order that the agreement canceled and ordered BPSL’s liquidation. The court has agreed to revise its 2, the case can once again make a ruling and hear, and JSW gives a final legal opportunity to maintain control of the bankrupt steel business. A special bank consisting of Chief Justice Br Gavai and Justice Saatha Chandra Sharma said the earlier judgment is possible based on legal errors and that it is a suitable case for review. “Prima facie, we believe that the ominous sentence does not consider the legal position correctly as laid down by a Catena of statements. This is a suitable matter for review,” the bank said, adding that all legal questions will remain open to fresh arguments. Justice Sharma, who was part of the former bench with two judges who delivered the May 2 ruling, also agreed to reconsider the case. “Yesterday I had a discussion with my learned brother (Justice Sharma), who was gracious enough to admit it requires reconsideration,” CJI Gavai said. The Chief Justice further noted that the commercial wisdom of the Creditors’ Committee (COC) should be respected, especially if it was maintained by the National Company Law Tribunal (NCLT) and the National Company Law Appellate Tribunal (NCLAT). According to the established law, such decisions should not be lightly interfered with. The court will now have heard all petitions, including those submitted by financial creditors such as Kalyani Group’s Torsteel, state Odisha, and former BPSL promoter Sanjay Singal, who disputed the resolution plan, referring to delays in its implementation. The court will hear the case next Thursday. The observations of the Supreme Court revived JSW Steel’s efforts to retain BPSL. The ruling in May not only canceled the acquisition, but also welded banks to return £ 19,350 crore through JSW, which compromised nearly £ 34,000 to the total exposure to bank. In its plea, JSW steal highlighted that it had significantly improved BPSL’s operations syncing it in march 2021. The company stated that BPSL’s production capacity had Nearly doubled from 2.3 million tunes per annum (MTPA) in 2017 to 4.5 mtpa in 2025. Grown from ₹ 8.701 Crore in F2016-17 to ₹ 25,973 crore in 2024-25, while exports were on average 2.976 crore during the past four years. Legal experts also welcome the court’s decision to entertain the review of the review and call it a positive sign, not just for JSW, but for the broader framework for insolvency and bankruptcy (IBC). “The reasons for accepting the review are certainly a positive hope for JSW. If a favorable outcome follows, it may set a precedent for future cases where tribunals can focus a company and focus on the IBC’s main objective -” says Shiv Sapra, a partner at Kochhar & Co. BPSL has fallen in financial crisis due to default, after obtaining the acquisition. and now financially healthy. A valid plan worth £ 20,000 was set aside after five years, “Kaul said, mentioning the decision of factual and legally defective. He added that important statutory provisions were ignored and that wrong facts were taken into account, many of which were not even argued or pleaded. said that the order created uncertainty in the IBC process and that it could have a devastating effect on future resolution plans. Every land required for review is satisfied in this case, “Kaul submitted. The May 2 decision was based on petitions submitted by the division of financial creditors, including Kalyani Group’s Torsteel and former promoter Sanjay Singal. They challenged the resolution plan, with reference to it. -Presenting, especially strict compliance with prescribed timelines, and ordered BPSL’s liquidation under Article 142 of the Constitution.
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