Supreme Court Clears JSW Steel’s Rs 197 Billion BPSL Plan

01 Oct 2025 CW Team

The Supreme Court on 26 September overturned its own earlier ruling and approved JSW Steel’s Rs 197 billion resolution plan for Bhushan Power & Steel Ltd (BPSL), dismissing objections raised by the company’s former promoters and certain creditors.

A bench led by Chief Justice of India BR Gavai re-heard the case after recalling its May judgment that had rejected the plan. The court also dismissed pleas by Bhushan Power’s lenders seeking a share in the company’s EBITDA and claims of Rs 35.7 billion in earnings and Rs 25 billion in delay-related interest.

The bench, also comprising Justices Satish Chandra Sharma and K Vinod Chandran, ruled that a successful resolution applicant (SRA) cannot be forced to honour claims outside the request for resolution plan (RfRP) under Section 25 of the Insolvency and Bankruptcy Code (IBC).

The court observed that JSW Steel had revived BPSL through heavy investment in modernisation and by preserving thousands of jobs, achieving the IBC’s purpose of transforming a loss-making entity into a profitable one.

On 2 May, a bench led by Justice Bela M Trivedi had ordered liquidation of BPSL while rejecting JSW Steel’s plan. However, on 31 July, the CJI-led bench recalled that verdict, criticising the conduct of the committee of creditors, the resolution professional and the National Company Law Tribunal (NCLT) for what it termed serious breaches of the IBC process.

The resolution had faced significant delays, with payments to financial creditors overdue by 540 days and to operational creditors by over 900 days. Insolvency proceedings against BPSL began in 2017 on a petition by Punjab National Bank, with JSW Steel’s plan first approved by the NCLT in 2019.

At 11 am on 26 September, JSW Steel’s shares traded 0.4 per cent higher at Rs 1,154 apiece.

Infrastructure Urban

06 Jul 2026

ABS Marine Sees CRISIL Credit Rating Upgrade

ABS Marine Services has secured an upgrade to its long term and short term credit ratings from CRISIL, reflecting improved profitability and revenue growth through long term contracts. CRISIL moved the long term rating from BBB+/Stable to A-/Stable and revised the short term rating from A2 to A2+. The action signals strengthened financial metrics and operational resilience. The company benefited from durable client relationships with firms such as ONGC and Schlumberger. The rating decision followed stronger cash flows and an enlarged bank loan facility, which increased from Rs 3,705 million (m..

Project BRAHMANK Marks 16 Years Of Strategic Roads In Arunachal

Project BRAHMANK is marking 16 years of work to establish strategic road and bridge links across Arunachal Pradesh, maintaining and developing 811 kilometres of roads and nearly 86 bridges that range from small culverts to large steel and arch bridges. These transport links are described as critical for ensuring year-round movement of defence personnel, equipment and essential supplies while improving everyday travel for people in remote villages. The project balances national security requirements with regional development by focusing on reliable access in challenging terrain. Notable enginee..

Longleng CSOs Give One Week Ultimatum Over Two-Lane Highway

Civil society organisations (CSOs) in Longleng district have demanded immediate restoration of the deteriorating Changtongya–Longleng two-lane road and sought a detailed status report on the stalled construction within one week. The demand followed a consultative meeting convened under the Phom Peoples' Council (PPC) to discuss welfare and development concerns. PPC president YB Angam Phom said prolonged non-maintenance had caused hardship to commuters and affected transportation, local commerce and the district's development. The meeting urged authorities to undertake immediate restoration a..