CORPORATE
JSW Steel files review petition over BPSL case in the Supreme Court
- IBJ Bureau
- Jun 26, 2025
JSW Steel has filed a review petition before the country’s top court, related to rejection of its $2.3-billion takeover plan of Bhushan Power and Steel (BPSL).
Early last month, the Supreme Court had rejected JSW Steel’s resolution plan to acquire BPSL and had ordered its liquidation, four years after the takeover was completed.
On May 26, the court had halted the liquidation proceedings of the debt-ridden steelmaker after JSW Steel and some creditors of BPSL had told the Supreme Court that they would file a review petition against the order.
The court had said that the liquidity proceedings will be in effect until a review petition is filed and taken up.
The collapse of the deal had unsettled buyers of distressed assets, with many lawyers and bankruptcy law experts saying that the ruling has alarmed potential buyers of insolvent or bankrupt firms.
The Supreme Court had cited major procedural lapses for the ruling, JSW Steel had said. The company added that it saw no impact from the order.
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