JSW Steel Files Review Plea In Supreme Court In Bhushan Power Resolution Case

JSW Steel Ltd. on Wednesday filed a review petition in the Supreme Court regarding its earlier judgment related to Bhushan Power and Steel Ltd.'s resolution plan.

In early May, the apex court ruled that JSW Steel’s 2019 acquisition of Bhushan Power was not in conformity with the law and ordered the transaction to be reversed, along with liquidation of the company. Under the 2019 resolution plan, JSW Steel had agreed to pay Rs 19,700 crore, of which Rs 19,350 crore was allocated to financial creditors and Rs 350 crore to operational creditors.

The Supreme Court later ordered a status quo on BPSL's liquidation proceedings, halting the National Company Law Tribunal’s earlier liquidation order until review petitions are heard in the case.

NDTV Profit had previously reported that both JSW Steel and the Committee of Creditors were preparing to file separate review petitions, likely highlighting certain inaccuracies in the earlier judgment, according to people familiar with the matter. The CoC is led by the State Bank of India and Punjab National Bank.

JSW Steel said it is in consultation with its legal advisors and is evaluating all options to finalise the legal remedies, including a review of the judgement. Pending the outcome of such actions, no adjustments have been made and the company believes there is no adverse material impact on consolidated financial results as of FY25.

During an analyst call, Joint Managing Director and CEO Jayant Acharya said, "We implemented the resolution plan in full compliance. The production and sales continue from BPSL as on date," he said, adding that there will not be any further investment in BPSL.