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SC to Hear JSW Steel’s BPSL Plea in Open Court on July 31

2025-07-31

The Supreme Court of India will hear review petitions filed by JSW Steel and the lenders of Bhushan Power and Steel (BPSL) in an open court session on July 31, 2025, offering a potential reprieve in the high-profile insolvency case.

The petitions challenge the May 2 Supreme Court ruling that had declared JSW Steel’s acquisition of BPSL “illegal” and in “gross violation” of the Insolvency and Bankruptcy Code (IBC), directing the National Company Law Tribunal (NCLT) to initiate liquidation proceedings. Although the liquidation process was temporarily stayed, the ruling raised concerns among stakeholders.

Following this, JSW Steel, along with the Committee of Creditors (CoC) and the Resolution Professional, filed review petitions on June 25. Initially listed for a chamber hearing on July 29, the Court later approved an open court hearing, scheduled for 3:00 p.m. on July 31.

The case will be heard by a Supreme Court bench comprising Chief Justice B.R. Gavai and Justice Satish Chandra Sharma. The order stated:

Application(s) for listing review petition(s) in open Court and application for oral hearing are allowed;

Issue notice;

List these matters on 31.07.2025 at 03:00 p.m.

JSW Steel is represented by senior advocates Neeraj Kishan Kaul and Gopal Jain, supported by Karanjawala & Co. The CoC and lenders are represented by Solicitor General Tushar Mehta and senior counsel Shardul S. Shroff for the Resolution Professional.

The upcoming hearing is expected to clarify the legal boundaries for resolution plans under the IBC, especially regarding foreign investment, acquisition legitimacy, and asset liquidation in insolvency cases.

News source: Business Today