The Supreme Court of India is set to review petitions filed by JSW Steel and lenders of Bhushan Power and Steel Ltd. (BPSL) in an open court session on 31st July 2025. The petitions challenge a previous court decision that halted JSW’s acquisition of BPSL and ordered its liquidation, citing violations of the Insolvency and Bankruptcy Code (IBC).

The May 2 judgment by the Supreme Court had labelled JSW’s acquisition plan as “illegal” and “in gross violation” of the IBC, prompting JSW and the committee of creditors (CoC) to seek a review. This decision directed the National Company Law Tribunal (NCLT) to begin liquidation proceedings against BPSL, although these were later temporarily halted by the Supreme Court.

On 25th June 2025, JSW Steel filed a review petition alongside other aggrieved parties, including the CoC and the Resolution Professional, against the May ruling. The Supreme Court initially scheduled these petitions for a chamber hearing on 29th July, where it decided to allow an open court hearing. The court’s order stated, “1. Application(s) for listing review petition(s) in open Court and application for oral hearing are allowed.; 2. Issue notice.; and 3. List these matters on 31.07.2025 at 03:00 p.m.”

The Supreme Court bench that will hear the petitions comprises Chief Justice of India B.R. Gavai and Justice Satish Chandra Sharma. The hearing is scheduled to commence at 3:00 p.m. on Thursday.

JSW Steel is represented by senior advocates, including Neeraj Kishan Kaul and Mr. Gopal Jain, supported by the legal team from Karanjawala & Co. The lenders and creditors are represented by Tushar Mehta, Solicitor General of India, and Shardul S. Shroff for the Resolution Professional.

The Supreme Court’s review is anticipated to provide clarity on the permissibility of acquisition plans under IBC guidelines, particularly regarding foreign investments and asset liquidation in insolvency proceedings.