The Supreme Court has agreed to an open court hearing of the review petition by JSW Steel and lenders on July 31 against the apex court's decision setting aside the JSW-Bhushan Steel resolution plan, CNBC-TV18 reported.
The court has allowed the request by petitioners to hold open court hearings in the matter, slated at 3pm on Thursday, to be heard by a bench of Chief Justice BR Gavai and Justice Satish Chandra Sharma.
The acceptance of JSW Steel and lenders' prayers is being seen as an important relief for the company, and the apex court will now hear review petition against the judgment dated May 2, 2025 scrapping the resolution.
The JSW-BPSL resolution plan was annulled after five years, with the Supreme Court raising questions around missed timelines, inconsistent creditor oversight, and the role of promoter-linked structures in resolution plan that was allowed to proceed despite non-compliance on several fronts.
The Supreme Court had ordered a status quo on the liquidation proceedings of Bhushan Power and Steel, pending the review petition by JSW Steel. The review petition is seeking relief from the judgment quashing Bhushan Steel's Rs 19,000 crore resolution by the IBC.
JSW Steel had acquired BPSL in September 2019 after the National Company Law Tribunal (NCLT) approved its resolution plan, and the acquisition was completed in March 2021. The company told investors in May 2025 that it has control over subsidiary Bhushan Power and Steel (BPSL), with production and deliveries continue from the facility.
The central government has not been party to the review petition against the ruling on the JSW’s acquisition of Bhushan Power and Steel, Moneycontrol had reported in May 2025. "Ideally, JSW is legally vested with all the rights to challenge the ruling and impleadment of government as a petitioner, would not add any weightage to the merits of the case," said Anjali Jain, Partner with Areness Law said.
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