Supreme Court halts liquidation of Bhushan Power and Steel pending JSW review petition

Supreme Court

The Supreme Court ordered status quo on liquidation proceedings of Bhushan Power and Steel Ltd pending the verification of the review petition to be filed by JSW Steel, Live Law reported on Monday. It should be noted that ex-BPSL promoter Sanjay Singhal had moved NCLT seeking liquidation as per the top court's May 2nd judgment.

As per Bar and Bench, the Supreme Court said that "status quo needs to maintained in the interest of justice." This means that the status quo is to be maintained till the disposal of the review petition. According to the Supreme Court rules, review petitions are to be filed in 30 days. The top court had delivered he BPSL verdict on May 2, 2025.

Shortly after the ruling, shares of JSW Steel surged by over 2 percent.

Also Read: Have full control over Bhushan Power and Steel, 'strong grounds' for legal remedies: JSW Steel

JSW Steel acquired BPSL in September 2019 for a little less than Rs 20,000 crore after the National Company Law Tribunal (NCLT) approved its resolution plan. The acquisition was completed in March 2021.

JSW Steel on Friday reported a 13.54 per cent rise in consolidated net profit to Rs 1,501 crore in the March 2025 quarter.

Also Read: Decoding the Supreme Court’s order on BPSL liquidation: What sank the JSW deal

As per JSW Steel, BPSL has registered crude steel production of 0.98 million tonnes and sales volume of 0.94 million tonnes. Revenue from operations and operating EBITDA for the quarter stood at Rs 5,635 crore and Rs 570 crore, respectively.

The EBITDA increased 5 per cent quarter-on-quarter, mainly due to higher sales volume and lower coking coal cost. BPSL reported a profit after tax of Rs 42 crore for the March quarter.

(With PTI inputs)