Resolution Plan
SC to Tue hear review pleas against Bhushan Power's liquidation in IBC case
This story was originally published at 17:46 IST on 28 July 2025
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NEW DELHI – The Supreme Court Tuesday will hear review pleas filed by JSW Steel Ltd. and lenders of Bhushan Power and Steel Ltd. against the apex court's May 2 verdict ordering liquidation of the latter. A bench of Chief Justice of India B.R. Gavai and Justice Satish Chandra Sharma will hear the review petition at 1355 IST.
JSW Steel had sought an open court hearing in the Supreme Court against the verdict that had set aside the company's resolution plan for debt-ridden Bhushan Power and Steel. In addition, JSW Steel urged the top court to stay its order that had directed liquidation of Bhushan Power.
JSW Steel argued that its INR-193.50-billion resolution plan was implemented in 2021 to the benefit of all stakeholders and that the liquidation of Bhushan Power will have adverse ramifications on the debt-ridden company that had been 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 to INR 259.73 billion in 2024-25 (Apr-Mar) from INR 87.01 billion in FY17 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 the debt-ridden company since 2021, said JSW Steel.
In its order dated 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 in June also filed a review petition in the case.
On Monday, shares of JSW Steel ended 0.2% higher at INR 1,028.80 on the National Stock Exchange. Shares of Punjab National Bank ended 1.5% lower at INR 106.79 and those of State Bank of India ended 1.2% lower at INR 797.15. End
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Reported by Surya Tripathi
Edited by Tanima Banerjee
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