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Informist, Thursday, Jun. 26, 2025

 

NEW DELHI – JSW Steel Ltd. has sought an open court hearing in the Supreme Court in its review petition against the verdict that had set aside the company's resolution plan for debt-ridden Bhushan Power and Steel Ltd. In addition, JSW Steel has sought the top court to stay its order that had directed liquidation of Bhushan Power.

 

In the Supreme Court, review petitions are usually heard in chambers often without oral arguments, to see if there's a need for a correction or review of their prior decision. However, there were times when the top court had allowed for open court hearings.

 

JSW Steel argued that its INR-193.50-billion resolution plan was implemented in 2021 to the benefit of all stakeholders and the liquidation of Bhushan Power will have adverse ramifications on the debt-ridden company, which was operating as a viable and a going concern since its acquisition. 

 

It has transformed Bhushan Power's financial health and now its operational capacity has almost doubled, sales have increased by almost three times from INR 87.01 billion in 2016-17 (Apr-Mar) to INR 259.73 billion in FY25 and exports have resumed with an annual average of INR 29.76 billion in the last four years, said JSW Steel. In addition, Bhushan Power has contributed INR 169.00 billion in taxes to the exchequer and a capital investment of INR 57.88 billion has been made by the petitioner in debt-ridden company since 2021, said JSW Steel.

 

In its order of May 2, the Supreme Court had ruled that the resolution plan for Bhushan Power and Steel was illegal and should not have been accepted by the committee of creditors. The court directed liquidation of the company in its order. The lenders of Bhushan Power, including Punjab National Bank and State Bank of India had earlier this month also filed a review petition in the case.

 

On Thursday, shares of JSW Steel closed 0.8% higher at INR 1,032.55 on the National Stock Exchange.  End

 

Reported by Surya Tripathi

Edited by Deepshikha Bhardwaj

 

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