Supreme Court Halts Bhushan Power & Steel Liquidation Pending JSW Steel's Review Petition

The Supreme Court has ordered a status quo on the liquidation proceedings of Bhushan Power and Steel Ltd (BPSL), pausing all action before the National Company Law Tribunal (NCLT). 

This interim relief follows JSW Steel's plea to halt the liquidation process initiated after the Court's May 2 judgment, which had annulled JSW's ₹19,700 crore resolution plan and directed BPSL's liquidation.

The bench emphasized that maintaining the status quo is essential to prevent any prejudice to JSW Steel's forthcoming review petition, which must be filed by June 2.

The Court clarified that no further steps towards liquidation should be taken until the review petition is resolved, ensuring fairness while JSW's legal remedies are pending.