Supreme Court to Reevaluate JSW Steel's Bid for Bhushan Steel

The Supreme Court has scheduled July 31 for a fresh hearing to reconsider its previous decision from May 2, which nullified a resolution plan by JSW Steel for Bhushan Steel and Power Limited (BSPL). The plan was deemed illegal under the Insolvency and Bankruptcy Code (IBC).

A bench led by Chief Justice B R Gavai agreed to an open-court hearing request and will address several petitions seeking a review of the earlier ruling. ''Applications for open-court hearing are granted, with matters listed for July 31 at 3 pm,'' stated the bench.

The review request stems from allegations over procedural flaws by key stakeholders, including JSW Steel and the Council of Creditors, leading to a scheduled liquidation for BSPL following the suspension of proceedings. The Supreme Court criticized the process, highlighting failures in fulfilling IBC statutory obligations.

(With inputs from agencies.)