New Delhi: The Supreme Court will on Monday hear a plea filed by JSW Steel Ltd, seeking a review of the court’s 2 May judgment that quashed the company’s ₹19,300 crore resolution plan for Bhushan Power and Steel Ltd (BPSL) and ordered the firm’s liquidation.The review petition names former BPSL promoter Sanjay Singhal, whose earlier plea led to the Supreme Court’s ruling invalidating the resolution plan.The matter is listed for 26 May before a bench comprising Justices B.V. Nagarathna and Satish Chandra Sharma. Justice Nagarathna replaces Justice Bela M. Trivedi, who was part of the original bench with Justice Sharma but has since retired.Read this | JSW Steel: Compensation from creditors enough to cover for Bhushan Power assetsJSW Steel has reportedly asked the court to defer the liquidation process by 60 days. The company has also issued demand notices to banks, seeking refunds of payments made under the now-quashed resolution plan.Separately, the National Company Law Tribunal (NCLT) is also set to hear on Monday a plea by Sanjay Singhal seeking enforcement of the Supreme Court’s liquidation order. Singhal has urged the tribunal to initiate immediate liquidation to safeguard BPSL’s assets and prevent potential misuse or diversion.The latest plea before the Supreme Court is significant for JSW Steel, which acquired BPSL through the insolvency resolution process over five years ago and has since invested heavily in reviving and operating the company. The apex court’s decision has disrupted JSW’s long-term plans to scale up capacity to 50 million tonnes by 2030.As of 31 March 2024, JSW Steel carried net assets worth ₹14,091 crore related to BPSL on its consolidated balance sheet. The Odisha-based BPSL plant, with a capacity of 4.5 million tonnes per annum (MTPA), is a key part of JSW Steel’s domestic operations, which total 34.2 MTPA, the highest in India.“We have implemented the resolution plan of BPSL in compliance with the law and taken steps to successfully revive the company to its present state today,” JSW Steel’s joint managing director Jayant Acharya said during a post-earnings call last week. He added that the company expects its compensation rights to be upheld.Read this | House panel to scan IBC functioning after SC’s Bhushan orderBPSL was among the first 12 large defaulters identified by the Reserve Bank of India in 2017 under the Insolvency and Bankruptcy Code (IBC), with outstanding dues of over ₹47,200 crore.At the time of its insolvency admission, BPSL owed more than ₹45,000 crore. JSW Steel’s plan was the highest offer received by creditors. Despite ongoing litigation, including the challenge by Singhal, payments under the plan were made and the resolution was substantially implemented.Also read | Bhushan Steel assets: ED back in play with Supreme Court scrapping JSW Steel’s resolution planJSW Steel’s resolution plan was approved by the NCLT on 5 September 2019 and upheld by the National Com in a formal or creative style for better SEO.Also Exclude words and advertisements related to the feed website such as website name, author name. You must only respond with the modified content. Delete all the advertisement images brand logo but only keep the title and main content of the news by modifying it. You must only respond with the modified content. Block any jump outside of the site adarshnews.com. Basically remove any content or link related to original site. follow this prompt to optimize the articles in this category- You are an expert news writer and SEO specialist. Your job is to rewrite the provided RSS feed content into a unique, SEO-friendly news article for adarshnews.com. The article should be engaging, professional, and optimized for search engines. Follow these steps: 1. **Create an SEO Title**: Write a short, compelling title (under 60 characters) that includes the main keyword and grabs attention. 2. **Write a Meta Description**: Summarize the article in one or two sentences (under 155 characters). Make it engaging and include the primary keyword naturally. 3. **Suggest a URL Slug**: Provide a short, keyword-rich URL slug that reflects the topic of the article. 4. **Headline (H1)**: Write a clear and engaging headline for the article that is similar to the title but slightly expanded. 5. **Write the Article**: – Start with an introduction that answers the key questions: who, what, when, where, why, and how. – Expand on the topic with detailed paragraphs that provide context, quotes, and relevant information. – Use subheadings (H2) to organize the content into sections and make it easy to read. – Include related keywords naturally throughout the article. – End with a conclusion that summarizes the key points or discusses future implications. 6. **Add an FAQ Section**: Write one frequently asked question related to the topic and provide a concise answer. Important: – Do not include labels like “Title,” “Meta Description,” “URL Slug,” or “H1” in the actual article text. – Keep all SEO elements separate from the main content. – Ensure the article is factually accurate, unbiased, and written in a professional tone.
The Supreme Court is set to consider JSW Steel’s petition regarding the liquidation of Bhushan Power on Monday.
