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SC Upholds JSW Steel's Rs 19,700-Crore Resolution Plan For Bhushan Power & Steel
SC Upholds JSW Steel's Rs 19,700-Crore Resolution Plan For Bhushan Power & Steel
In a major decision, the Supreme Court on September 26 upheld JSW Steel's Rs 19,700-crore resolution plan for debt-ridden Bhushan Power & Steel Ltd (BPSL). The judgment is a major relief for JSW Steel. An SC bench, comprising Chief Justice B R Gavai, Justices S C Sharma and K Vinod Chandran, has rejected the objections raised by former promoters and certain creditors of Bhushan Power & Steel Ltd.
“We do not find any merit in the appeals. They are, therefore, dismissed," the top court said and rejected the objections raised by the ex-promoters and certain creditors of BPSL.
The SC has rejected BPSL lenders' plea seeking share in company's EBITDA (earnings before interest, tax, depreciation and amortisation).
With this, the SC has overturned its May 2 decision, which had rejected the resolution plan four years after the NCLT resolution.
A special bench comprising Chief Justice B R Gavai and Justices Satish Chandra Sharma and K Vinod Chandran had reserved the verdict on a batch of petitions on August 11.
Shruti Kanodia, managing partner at Sagus Legal, said, “The Supreme Court's judgment dated September 26, 2025, upholding JSW Steel's resolution plan for Bhushan Power and Steel, reinforces the underlying principles behind the enactment of Insolvency and Bankruptcy Code, 2016 i.e. ensuring that the corporate debtor continues as a going concern which is important for the stability of the other stakeholders and the economy as a whole. This judgement should bolster investor confidence and speed up insolvency proceedings as the Supreme Court has given a clear message that delayed objections and attempts to derail the resolution will not be entertained. At the same time, SRA's are incentivised to implement the approved resolution plans as soon as possible."
What Is the JSW Steel-Bhushan Power Case?
Bhushan Power & Steel Ltd, a major player in India's steel sector, defaulted on large bank loans. In 2017, Punjab National Bank initiated insolvency proceedings under the IBC. JSW Steel, one of India's leading steel companies, submitted a Rs 19,700 crore resolution plan in 2019, which was approved by the Committee of Creditors (CoC) and the National Company Law Tribunal (NCLT).
JSW Steel completed the acquisition in March 2021 and began operating BPSL.
On May 2, 2025, four years after the acquisition, the Supreme Court scrapped JSW Steel's acquisition of BPSL, on the grounds that the resolution plan violated the Insolvency and Bankruptcy Code (IBC). This became a major issue within the industry as it indicated uncertainty in the IBC system despite after years of acquisition.
A bench of Justice Bela M Trivedi and Justice Satish Chandra Sharma ruled JSW Steel's resolution plan illegal and a “flagrant violation" of the IBC, criticising the Resolution Professional, the Committee of Creditors (CoC), and the NCLT.
However, later, on May 26, the Supreme Court delivered an order to maintain the status quo, thus boosting industry confidence. A separate Supreme Court bench comprising Justice BV Nagarathna and Justice Satish Chandra Sharma on May 26 ordered a status quo on all liquidation proceedings, following a petition by JSW Steel, thus giving respite to JSW Steel that faced uncertainty after the previous SC order.
Now, on September 26, the apex court has upheld JSW Steel's Rs 19,700-crore resolution plan for debt-ridden Bhushan Power & Steel. An SC bench, comprising Chief Justice B R Gavai, Justices S C Sharma and K Vinod Chandran, has rejected the objections raised by former promoters and certain creditors of Bhushan Power & Steel Ltd.
The landmark judgment is a major relief for JSW Steel.
Why This Case Matters?
The case is one of the landmark cases in the IBC proceedings. This case has become a major issue within the industry as it indicated uncertainty in Insolvency and Bankruptcy Code (IBC), even years after a resolution plan has been fully implemented. JSW Steel had acquired Bhushan Power & Steel following all necessary approvals, yet the Supreme Court's decision on May 2 to reject the resolution plan and order liquidation shook industry confidence. It raised concerns about the finality and enforceability of approved resolution plans, potentially discouraging future bidders and investors from participating in distressed asset deals under the IBC framework.
Source: News18
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