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Supreme Court reverses BPSL verdict, upholds its acquisition by JSW Steel
- IBJ Bureau
- Sep 27, 2025
The Supreme Court has said that JSW Steel’s $2.3-billion takeover of Bhushan Power and Steel (BPSL) can go ahead, reversing its own earlier decision to reject the deal.
In May, the country’s top court had rejected the deal six years after it was first approved, unsettling buyers of other distressed assets and casting a shadow over Indian bankruptcy reforms introduced in 2016.
JSW had then filed a request with the apex court to review the rejection.
The court has noted that JSW has revived BPSL by investing heavily in modernisation and safeguarded thousands of livelihoods by keeping the company a going concern.
The purpose of the Insolvency and Bankruptcy Code – to help transform a loss-making entity into a profit-making one – has been achieved, the court has added.
JSW Steel has said in an exchange filing that the Supreme Court has dismissed appeals filed by the promoters and some operational creditors of BPSL.
The Supreme Court has cited major procedural lapses for its decision in May to scrap one of the most successful insolvency deals in India’s history – the takeover of Bhushan Power by the country’s biggest steelmaker in 2019.
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