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SC orders status quo on BPSL liquidation amid JSW Steel review plea
Capital Information
|May 27, 2025
The Supreme Court on Monday ordered status quo on the liquidation proceedings of Bhushan Power and Steel Ltd (BPSL) before the National Company Law Tribunal (NCLT), following a petition by JSW Steel.
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The top court's order comes weeks after it rejected JSW’s Rs 19,700 crore resolution plan for BPSL on May 2.
A bench comprising justices BV Nagarathna and Satish Chandra Sharma directed that no further steps be taken in the liquidation process until JSW's time to file a review petition expires.
The court noted that any movement towards liquidation could potentially prejudice JSW Steel's right to seek a review of the judgment.
Senior advocate Neeraj Kishan Kaul, appearing for JSW Steel, informed the bench that the deadline to file the review petition is June 2.
He raised concerns that the NCLT was proceeding to appoint a liquidator even before JSW's review window had closed.
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