JSW Steel files review plea in SC over ₹19,700 cr Bhushan Power resolution plan verdict

The country's largest steelmaker, JSW Steel, has filed a review petition in the Supreme Court against its May 2 judgment in the ₹19,700-crore Bhushan Power and Steel (BPSL) resolution plan case, in which the apex court had scrapped JSW's acquisition of BPSL after four years.

In a stock exchange filing, the company said: "Further to our earlier disclosures dated 02.05.2025 and 29.05.2025, wherein we had informed about the judgement of the Hon'ble Supreme Court dated 02.05.2025 ("Judgement"), and subsequent developments thereto, please be informed that the Company has filed a review petition, in relation to the Judgement, before the Hon'ble Supreme Court on 25.06.2025."

JSW Steel stock closed 1.78% up at ₹1,024.85 on the BSE on Wednesday.

BPSL lenders, including SBI and PNB, have already filed review petitions against the SC judgment.

The Supreme Court of India on May 26 had ordered a status quo on the liquidation proceedings of Bhushan Power & Steel Ltd (BPSL) in the National Company Law Tribunal (NCLT), giving a big relief to JSW Steel.

The top court's directive came as JSW Steel sought a review of its May 2, 2025, ruling, which rejected its resolution plan, citing "procedural lapses" and "violations" of the Insolvency and Bankruptcy Code (IBC).

Earlier, the SC ruling had declared the plan "illegal" due to issues such as JSW’s use of equity and optionally convertible debentures instead of equity alone, delays in implementation, and failure to comply with Section 29A of the IBC, ordering liquidation proceedings to commence.

JSW contended that starting the liquidation process would be “fatal” for the company and would negatively impact various stakeholders, such as creditors and employees.

JSW Steel had proposed to pay ₹19,350 crore to the financial creditors of Bhushan Steel. This translated into around a 60% haircut on the original debt worth ₹47,000 crore. The company had also proposed to pay around ₹350 crore to operational creditors against their claims worth ₹733 crore.

JSW approached the Supreme Court after BPSL's former promoter, Sanjay Singhal, requested the NCLT to initiate liquidation proceedings and appoint a liquidator.

Bhushan Power and Steel, one of the 12 major non-performing assets (NPAs) flagged by the Reserve Bank of India, was referred for resolution under the IBC in 2017. JSW Steel reported a consolidated net profit of ₹3,491 crore for FY25, with revenue from operations standing at ₹1,68,824 crore.