JSW Steel Seeks Open Court Hearing in Supreme Court on Bhushan Power Review

JSW Steel Ltd. has requested an open court hearing in its review petition against the Supreme Court’s May order that cancelled the company’s resolution plan for Bhushan Power and Steel Ltd. The steelmaker also asked the court to stay the liquidation order issued as part of that verdict.

Review petitions in the Supreme Court are typically considered in chambers without oral hearings. However, JSW Steel has urged the court to make an exception, citing the significance of the matter and the impact of its previous ruling.

JSW Steel argued that its ₹193.50 billion resolution plan, implemented in 2021, revitalised the debt-laden company. Bhushan Power has since been operating as a going concern, with improved financials. The company’s sales jumped from ₹87.01 billion in 2016–17 to ₹259.73 billion in 2024–25, exports have averaged ₹29.76 billion annually over the past four years, and its operational capacity has nearly doubled, JSW Steel said in its plea.

Since taking over, JSW Steel has invested ₹57.88 billion in Bhushan Power and said the company has contributed ₹169.00 billion to the exchequer in taxes.

On May 2, the Supreme Court had ruled that the resolution plan was illegal and should not have been cleared by the committee of creditors, and ordered liquidation of Bhushan Power. Lenders including Punjab National Bank and State Bank of India have also filed review petitions.