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BPSL insolvency: Govt yet to decide course of action
The New Indian Express Chennai
|May 24, 2025
THE government remains undecided on its course of action in the Bhushan Power and Steel Ltd (BPSL) insolvency case, top officials told TNIE.
On May 2, the Supreme Court rejected JSW Steel's ₹19,800 crore resolution plan for BPSL, citing multiple anomalies in the Corporate Insolvency Resolution Process (CIRP). As a result, the company is now headed for liquidation.
A senior government official said the court's verdict pointed to flaws in the implementation of the insolvency process, but did not question the underlying framework of the Insolvency and Bankruptcy Code (IBC).
"The court has only questioned the execution of the resolution plan. The system itself hasn't been doubted—what's been flagged is the improper implementation," the source said.
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