Supreme Court rejects JSW Resolution Plan for Bhushan Steel
The Hindu
Supreme Court rejects JSW Steel's Resolution Plan for Bhushan Steel, directs liquidation proceedings, faulting CoC's decision-making process.
The Supreme Court, in a judgment on Friday (May 2, 2025), rejected the Resolution Plan submitted by JSW Steel for Bhushan Steel and Power Ltd.
Also Read | ED restitutes assets worth ₹4,025 crore in Bhushan Power and Steel case to JSW
The National Company Law Appellate Tribunal had previously approved the Resolution Plan.
A Bench headed by Justice Bela M. Trivedi found the plan contrary to the provisions of the Insolvency and Bankruptcy Code (IBC). A copy of the judgment is yet to be published on the Supreme Court website.
In a statement, a JSW Steel spokesperson said they have “learnt that the Hon’ble Supreme Court pronounced judgment on May 2 rejecting the Resolution Plan approved by NCLAT on certain grounds”.
“We are yet to receive the formal copy of the Order to understand the grounds for rejection in detail and its implications. Once we receive the order and are able to review the same along with our legal advisors, we will decide on our further course of action,” the statement said.
The court faulted the Committee of Creditors (CoC) for accepting the Resolution Plan. The court further directed the National Company Law Tribunal to initiate liquidation proceedings against Bhushan Steel and Power Ltd.
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