Update on Hon ble Supreme Court Order in the matter of Bhushan Power and Steel Limited Resolution Plan
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JSW Steel has provided an update on its Review Petition filed with the Supreme Court on June 25, 2025, which challenged the Court's earlier judgment dated May 2, 2025, related to the resolution plan for Bhushan Power and Steel Limited (BPSL). The Supreme Court has now issued notice on the Review Petition and allowed JSW Steel's applications to list the matter in open court and for oral hearing. This is a procedural but positive step for JSW Steel, as the Court has agreed to substantively hear its challenge rather than dismiss it at the threshold. The original BPSL acquisition had been under a cloud following the May 2025 Supreme Court judgment, so this development is material for shareholders.
Mildly positive for JSW Steel shareholders as the Review Petition will now get a detailed oral hearing, reducing near-term uncertainty. However, the final outcome of the BPSL resolution plan challenge still remains pending, and any adverse ruling could materially affect the value of the BPSL acquisition.