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Supreme Court hearing JSW Steel’s review petition today.
Company seeks ₹19,300 Cr refund, stay on liquidation.
Verdict could impact steel and insolvency cases in India.
The Supreme Court of India will today hear JSW Steel’s review petition in the ongoing Bhushan Power and Steel Ltd (BPSL) liquidation case. JSW Steel has sought a ₹19,300 crore refund and requested a 60-day stay on the liquidation process.
The BPSL case has traveled through NCLT and NCLAT before reaching the apex court. JSW Steel completed the acquisition of BPSL in March 2021. The company now argues that the liquidation process threatens its ownership rights and financial stake in the acquired assets.
A section of BPSL’s creditors had petitioned for liquidation, prompting JSW Steel to move the Supreme Court. The company contends that its acquired assets and investments must be protected under the original resolution plan. The court’s decision could set a crucial precedent for India’s steel sector and future insolvency cases.
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