JSW Steel received a significant reprieve from the Supreme Court as the apex court agreed to hear a review petition related to the Bhushan Steel acquisition case.
A bench comprising Chief Justice of India (CJI) BR Gavai and Justice Satish Chandra Sharma reversed its earlier ruling and stated that the matter warrants fresh consideration.
CJI Gavai emphasised that the Supreme Court cannot unjustly harm 25,000 employees of an already revived company by using its powers under Article 142. He said, “Prima facie, we permit the review and will conduct a detailed hearing.”
The Chief Justice clarified that the court would examine only the legal validity of the previous judgment and would not rely on any new documents or evidence.
“We will only review the old judgment. Such decisions must be within the bounds of law and in the interest of the employees,” he stated.
In December 2024, a bench comprising Justice Bela Trivedi and Justice Satish Chandra Sharma rejected JSW Steel’s resolution plan. The plan was for Bhushan Power & Steel Ltd (BPSL).
The bench had observed that the Committee of Creditors (CoC) had erred in approving the plan.
JSW Steel had subsequently filed a review petition, prompting the court to recall its May 2 judgment.
The Supreme Court will now conduct a full hearing on the matter, with the next hearing scheduled for August 7.
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