The Supreme Court listens to the petition of JSW Steel Ltd on 29 July and challenges its court 2. May, which canceled society £19,350 Acquisition of CRORE BHUSHAN POWER & STEEL LTD (BPSL) and ordered the company’s disposal.
A special bench led by the chief judge BR Gavai and justice Satish Chandra Sharma deals with the matter.
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Justice Sharma, along with Judge Bela M. Trivedi, was part of two judges who brought a verdict.
However, after retirement, the trivedi in June, however, the reconstructed bench will hear an objection.
The review will be heard in the chambers. The inspection petitions are usually heard behind the closed door of the same bench and without oral arguments, at the command of the XLVII rules of the Supreme Court.
However, in matters of significant public importance, the court may allow hearing on an open court.
Previously, lawyer Tushar Mehta, who appeared in the creditors’ committee (COC), urged the court to allow open hearing and quote wider consequences.
The review petition is the last legal opportunity of JSW Steel to maintain control of BPSL, a company that in 2021 took over the process of solving the insolvency insolvency solution.
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Lenders, such as the state bank of India and Pandjab National Bank, also submitted independent petitions of review and supported the attitude of JSW.
JSW Steel claimed that the company’s operation has turned from taking over BPSL in March 2021.
The company claims that production capacity has almost doubled – from 2.3 million tonnes per year (MTPA) in 2017 to 4.5 MTPA in 2025. Sales have almost tripled, from £8 701 crore in 2016-17 £25 973 Crore in 2024-25 and exports on average £2 976 Crore per year in the last four years.
JSW and creditors warned that liquidation would be harmful to BPSL, which has been running as a profitable and viable enterprise since the resolution plan.
JSW made payment in advance £19 350 Crore as part of the approved resolution plan, which was completed in March 2021.
The Supreme Court had previously awarded the Provisional relief of JSW on 26 May by Regulation on the Status Quo in the liquidation proceedings, which allowed the company to file a review 2 may judgment.
The decision may come to the reasons filed by disapproving financial creditors, including the Torsteel of Kalyani Group and former promoter Sanjay Singal.
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The Court abolished the acquisition of JSW Steel and commissioned to non -compliance with the key provisions of the Insolvency and Bankruptcy Code (IBC), in particular delay and deviations from the approved time plan of the resolution.
BPSL was one of the original 12 large non -functional accounts marked by the Indian reserve bank in 2017 for the IBC resolution.
At that time the company owed a creditor £47,000 crore.
(Tagstotranslate) Supreme Court (T) JSW Steel (T) Bhushan Power & Steel
