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JSW Steel on Thursday (July 31, 2025) got relief from the Supreme Court in the matter of the liquidation of Bhushan Power and Steel.
The Apex Court withdrew its own decision delivered on May 2.
The order was given for liquidation of Bhushan Power and Steel
The company was acquired by JSW under the revival plan of Rs 19,700 crore.
A bench headed by CJI BR Gavai said that the Supreme Court cannot use its power under Article 142 to do injustice to 25,000 employees of a revived company
The Supreme Court will hear the case next on August 7
In an order passed on May 2 this year, a bench of Justices Bela M. Trivedi and SC Sharma ordered the liquidation of BPSL, holding that JSW Steel's Rs 19,300 crore resolution plan for the bankrupt company was not in consonance with the provisions of the Insolvency and Bankruptcy Code (IBC), 2016.
(With inputs from ANI)
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