JSW Steel Moves Supreme Court Seeking Review of Bhushan Power Deal Rejection

JSW Steel has filed a review petition in the Supreme Court challenging its May 2 verdict that rejected its ₹19,700-crore resolution plan for Bhushan Power and Steel Ltd (BPSL) and ordered the company’s liquidation. The apex court had criticized JSW for delaying the implementation of the plan for nearly two years despite its approval, calling it a violation of the Insolvency and Bankruptcy Code (IBC). The ruling raised concerns over the credibility of implemented resolution plans. Some BPSL lenders have also filed separate petitions. JSW had taken operational control of BPSL in 2020 under the IBC framework.