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 Transport

06 Feb 2026

Lucknow Metro East-West Corridor Consultancy Contract Awarded

The Uttar Pradesh Metro Rail Corporation has awarded the first construction-related consultancy contract for the Lucknow Metro East West Corridor to a joint venture of AYESA Ingenieria Arquitectura SAU and AYESA India Pvt Ltd. The firm was declared the lowest bidder for the Detailed Design Consultant contract for Lucknow Metro Line-2 under Phase 1B and the contract was recommended following the financial bid. The contract is valued at Rs 159.0 million (mn), covering design services for the corridor. Lucknow Metro Line-2 envisages the construction of an 11.165 kilometre corridor connecting Cha..

Div Com Kashmir Urges Fast Tracking Of Jhelum Water Transport Project

The Divisional Commissioner of Kashmir has called for the fast-tracking of the Jhelum water transport project, urging district administrations and relevant agencies to accelerate planning and clearances. In a meeting convened at the divisional headquarters, the commissioner instructed officials from irrigation, public health engineering and municipal departments to prioritise the project and coordinate survey and design work. The directive emphasised removal of administrative bottlenecks and close monitoring to ensure timely mobilisation of resources and contractors. Officials were told to in..

Interarch Reports Strong Q3 And Nine Month Results

Interarch Building Solutions Limited reported unaudited results for the third quarter and nine months ended 31 December 2025, recording strong revenue growth driven by execution and a robust order book. Net revenue for the third quarter rose by 43.7 per cent to Rs 5.225 billion (bn), compared with Rs 3.636 bn a year earlier, reflecting heightened demand in pre-engineered building projects. The company’s total order book as at 31 January 2026 stood at Rs 16.85 bn, supporting near-term visibility. EBITDA excluding other income for the quarter increased by 43.2 per cent to Rs 503 million (mn),..