CJI to Form Bench on JSW, lenders' plea against Bhushan Power liquidation
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Chief Justice of India BR Gavia on Monday said he will soon constitute a bench to hear review petitions filed by JSW Steel and lenders of Bhushan Power and Steel (BPSL) against the Supreme Court's May 2 judgment that ordered liquidation of the bankrupt firm.Senior counsel Vikas Singh, appearing for the original promoters of Bhushan Power, said the apex court had on May 26 directed status quo on the liquidation proceedings against BPSL till JSW filed its review petition in the case. Since the review petitions have been filed, Singh asked the Bench led by the CJI to appoint an administrator till these review petitions were decided.Even Solicitor General Tushar Mehta, on behalf of the Committee of Creditors (CoC) of BSPL, also sought an open court hearing.Justice Gavai said it will list for hearing the application of the promoter along with the review petitions after the bench was constituted.JSW Steel and BPSL lenders had approached the Supreme Court seeking review of its May 2 judgment that scrapped the former's acquisition of BPSL after four years on the grounds that the resolution plan was 'illegal' and 'in gross violation' of the Insolvency and Bankruptcy Code (IBC). It had also directed the NCLT to initiate liquidation proceedings against BPSL, a decision that was later halted till the SC decided the JSW's review.While seeking review of the May verdict, both JSW Steel and the lenders, including PNB and SBI , have told the Supreme Court that the former's Rs 19,350-crore resolution plan was implemented in March 2021 to the benefit of all stakeholders and the liquidation would have adverse ramifications on BPSL, which was operating as a viable and a going concern since it was acquired.JSW said it has transformed the debt-laden firm's financial health and now its operational capacity has almost doubled from 2.3 MTPA in 2017 to 4.5 MTPA in 2025, sales have increased by almost three times from Rs 8,701 crore in FY 2017 to Rs 25,973 crore in FY 2025 and exports have resumed with an annual average of Rs 2976 crore in the last four years.Besides, BPSL had contributed Rs 16,900 crore in taxes to the exchequer. A capital investment of Rs 5788 crore had been made by JSW in BPSL since 2021, the review petition added.Supporting the Sajjan Jindal firm, the lenders too said that JSW's resolution plan was successfully implemented by March 2021 with an upfront payment of Rs 19,350 crore.
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