In a major relief to JSW Steel, the Supreme Court has agreed to revisit its earlier ruling that cancelled the company’s ₹19,350-crore acquisition of bankrupt Bhushan Power and Steel Ltd (BPSL) and directed its liquidation.
A special bench comprising Chief Justice B.R. Gavai and Justice Satish Chandra Sharma said that the 2 May ruling may have been based on legal errors and that this is a fit case for review.
“Prima facie, we are of the view that the impugned judgement does not correctly consider the legal position as laid down by a catena of judgements. This is a fit case for review,” the bench said, adding that all legal questions would remain open for fresh arguments.
The court will hear the matter again on Thursday, 7 August.