JSW Steel issues THIS clarification on reports of Supreme Court directing liquidation of Bhushan Power and Steel

JSW Steel on Friday issued a clarification to the Indian stock exchanges, confirming the receipt of the Supreme Court of India’s order regarding its resolution plan for Bhushan Power and Steel. JSW Steel share price was trading more than 6% lower.

“...we confirm that the Hon’ble Supreme Court pronounced Judgment today i.e 02-05-2025, rejecting the Resolution plan submitted by the Company and approved by NCLAT, on certain grounds,” JSW Steel said in a regulatory filing.

The company had earlier indicated that it would determine its next steps after reviewing the court's order in consultation with its legal advisors.

“Once we receive the Order and are able to review the same along with our legal advisors, we will decide on our further course of action,” JSW Steel said in a prior stock exchange filing.

Supreme Court Order on Bhushan Power & Steel

The Supreme Court's verdict comes nearly four years after JSW Steel completed the acquisition of Bhushan Power and Steel. The apex court has now ordered the liquidation of the debt-laden company.

According to reports, the Supreme Court noted in its verbal observations that the insolvency resolution professional and the committee of creditors overseeing the process failed to perform their duties in accordance with the law.

At 2:55 PM, JSW Steel share price was trading 5.38% lower at ₹973.00 apiece on the BSE.

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