JSW Steel, led by billionaire industrialist Sajjan Jindal, has approached the Supreme Court of India seeking a review of its May 2 verdict that nullified the company’s ₹19,300 crore acquisition of Bhushan Power and Steel Ltd (BPSL).

The top court had earlier ruled that the takeover process was flawed, scrapping a deal that had been in limbo for over four years due to complex legal and regulatory hurdles. Now, JSW Steel is pushing for a rehearing, asserting that the Supreme Court’s decision has major implications not just for its acquisition, but also for the larger insolvency resolution framework under India’s Insolvency and Bankruptcy Code (IBC).

⚖️ Background: A Four-Year Legal Battle

In 2019, JSW Steel emerged as the highest bidder for Bhushan Power, which had defaulted on significant debt obligations. The resolution plan, worth ₹19,300 crore, was approved by the National Company Law Tribunal (NCLT) and backed by the Committee of Creditors.

However, the deal faced challenges from Enforcement Directorate (ED) proceedings, questions over attached assets, and competing legal interpretations — delaying the handover despite multiple court clearances over the years.

The May 2 judgment came as a blow to JSW Steel, which had already committed substantial resources and restructuring plans for BPSL.

📢 JSW Steel’s Plea: What the Company Says

In its review petition filed this week, JSW Steel argues:

• The original verdict overlooks key facts and the intent of IBC, which aims for timely resolution of stressed assets.
• The company followed all legal protocols, and the acquisition had received multiple approvals prior to the May 2 ruling.
• The reversal could deter investor confidence in the resolution process and discourage future bids in high-stakes insolvency cases.

🏭 Industry Impact

Experts believe that the outcome of this review plea could have far-reaching consequences for India’s corporate insolvency process. The Bhushan Power case has already become a test case for balancing economic revival and judicial scrutiny, particularly involving public funds and corporate debt resolution.

📈 What’s at Stake?

• ₹19,300 crore deal
• Revival of a major steel asset
• Investor confidence in IBC outcomes
• Precedent-setting judgment affecting future M&A in distressed companies

🧾 What Happens Next?

The Supreme Court is expected to review the plea and decide whether to admit the case for a fresh hearing. Until then, the Bhushan Power acquisition remains in legal limbo, further prolonging uncertainty for JSW Steel and its stakeholders.