The Supreme Court is set to deliver its verdict on Friday in the long-running insolvency case involving JSW Steel’s ₹19,700 crore resolution plan for Bhushan Power and Steel Ltd (BPSL). A special bench led by Justice B.R. Gavai, along with Justices Satish Chandra Sharma and K. Vinod Chandran, will pronounce the ruling. The court had reserved judgment on 11 August after rehearing JSW Steel’s review petition.
This verdict holds major significance for the Insolvency and Bankruptcy Code (IBC), as it will determine whether JSW Steel retains BPSL or if the company heads towards liquidation. The review plea followed a 2 May Supreme Court ruling that nullified JSW’s plan, ordered liquidation, and required banks to return ₹19,350 crore already paid—placing ₹34,000 crore of debt at risk. That ruling, under Article 142, was recalled on 31 July, citing errors in applying IBC norms and factual inaccuracies.
JSW Steel, which outbid Tata Steel in 2018, took control of BPSL in March 2021 and has since nearly doubled its production capacity. The verdict will decide BPSL’s future course—retention by JSW, liquidation, or re-bidding.
