New Delhi, July 29 (IANS) The Supreme Court on Tuesday agreed to hear review petitions challenging its verdict ordering the liquidation of cash-strapped Bhushan Power and Steel Limited (BPSL).
Announcing July 31 as the date for an open court hearing, the apex court ordered: "Application(s) for listing review petition(s) in open Court and application for oral hearing are allowed. Issue notice. List these matters on 31.07.2025 at 03:00 p.m."
The review petitions were examined in chambers by circulation by Chief Justice of India B.R. Gavai and Justice S.C. Sharma.
In an order passed on May 2 this year, a bench of Justices Bela M. Trivedi and Sharma ordered the liquidation of BPSL, holding that JSW Steel’s Rs 19,300 crore resolution plan for the bankrupt company was not in consonance with the provisions of the Insolvency and Bankruptcy Code (IBC), 2016.
The Justice Trivedi-led Bench came down heavily on the resolution professional, the Committee of Creditors (CoC), and the National Company Law Tribunal (NCLT) for undermining the core objectives of the IBC, including time-bound resolution of insolvency, maximisation of asset value, and adherence to its associated regulations.
It had ruled that JSW Steel’s resolution plan did not protect the interest of creditors and was apparently approved by the CoC without proper application of its commercial wisdom.
Later, in interim relief to JSW Steel, the Supreme Court, by its May 26 order, directed status quo "in the interest of justice" on the liquidation proceedings of BPSL.
The apex court halted the National Company Law Tribunal (NCLT) from proceeding with the liquidation process initiated by BPSL’s former promoter, Sanjay Singhal, till the disposal of the review pleas filed by JSW Steel and lenders against the May 2 verdict.
BPSL’s steel plant in Odisha has a capacity of 4.5 million tonnes per annum (MTPA), forming a key part of JSW Steel’s total domestic capacity of 34.2 MTPA.
--IANS
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