The matter arises from the Court’s May 2, 2025 judgment which struck down JSW Steel’s plan and ordered BPSL’s liquidation under Article 142 of the Constitution. That ruling by Justices Bela M Trivedi and Satish Chandra Sharma had held that the CoC erred in approving the plan.
JSW Steel, chosen as the successful resolution applicant in 2019, offered over ₹19,000 crore to creditors. The plan was approved by the National Company Law Tribunal (NCLT) in September 2019 and upheld by the National Company Law Appellate Tribunal (NCLAT). The Enforcement Directorate (ED) challenged the plan citing alleged money laundering by BPSL’s former promoters.
On July 31, the Supreme Court recalled its May 2 judgment, noting that it may have…