Supreme Court
JSW Steels have got a big relief from the Supreme Court. The Supreme Court is ready to hear the reconsideration petition on the decision of Bhushan Steels. The Supreme Court said during the hearing on Thursday that there is a need to consider the matter afresh. The Supreme Court will hold a detailed hearing on the reconsideration petitions against the canceling decision.
CJI BR Gawai said that prima facie we agree to allow reconsideration. We will hold a complete hearing, but prima facie it seems that this decision is not in accordance with the decisions already decided.
CJI BR Gawai said that we will not go on any other document, we will only look at the decision. The next hearing of the case will be on 7 August.
Supreme Court took back May 2 verdict
In fact, in December 2024, Justices Bella Trivedi and Satish Chandra Sharma rejected JSW’s plan for BPSL, saying that the Committee of creditors (COCs) had made a mistake in approving the plan. The Supreme Court withdrew its decision of May 2.
The Supreme Court withdrew its decision of May 2, ordering the liquidation of Bhushan Power and Steel, which was acquired by JSW under the revival scheme of Rs 19700 crore.
A bench headed by CJI BR Gavai said that the Supreme Court cannot use its power under Article 142 to do injustice to 25000 employees of a revived company.
At present, the news is being updated.