The Supreme Court had set aside a resolution plan submitted by JSW Steel Limited for BSPL, holding it illegal and in violation of the Insolvency and Bankruptcy Code.

The Supreme Court of India on Thursday (July 31, 2025) recalled its May 2 verdict which had ordered the liquidation of Bhushan Steel and Power Limited (BSPL).

The Supreme Court had set aside a resolution plan submitted by JSW Steel Limited for BSPL, holding it illegal and in violation of the Insolvency and Bankruptcy Code (IBC).

A Bench comprising Chief Justice B.R. Gavai and Justice Satish Chandra Sharma heard a batch of review petitions and said that they needed to be heard afresh as the impugned judgment did not consider the legal position correctly.

The Supreme Court of India on Thursday (July 31, 2025) recalled its May 2 verdict which had ordered the liquidation of Bhushan Steel and Power Limited (BSPL).

The Supreme Court had set aside a resolution plan submitted by JSW Steel Limited for BSPL, holding it illegal and in violation of the Insolvency and Bankruptcy Code (IBC).

A Bench comprising Chief Justice B.R. Gavai and Justice Satish Chandra Sharma heard a batch of review petitions and said that they needed to be heard afresh as the impugned judgment did not consider the legal position correctly.

Source: Thehindu