Case of JSW Steel Limited vs Sanjay Singhal, SC Order Dated 26th May 2025. The apex court ordered a status quo on the liquidation proceedings of Bhushan Power and Steel Ltd (BPSL), granting relief to JSW Steel Ltd and allowing the company to file a review petition against the court’s 2 May verdict that had quashed the resolution plan. JSW Steel’s ₹19,300 crore resolution plan was the highest bid received and was approved by the NCLT in September 2019, and later upheld by the NCLAT in February 2020.
— The apex court had earlier set aside the resolution plan on grounds of non-compliance with key provisions of the Insolvency and Bankruptcy Code, particularly the failure to adhere strictly to the plan’s approved timeline. The court’s ruling was not only a setback for JSW Steel but also came as a shock to India’s corporate ecosystem, with companies and law firms scrambling to understand the implications for insolvency proceedings. Investors, lenders, and acquirers were apprehensive about retrospective scrutiny of previously concluded deals, potentially undermining commercial confidence.