Supreme Court Stays Bhushan Power Liquidation, Opens Door for JSW Steel Deal Review

Alright, so here’s the lowdown from New Delhi (May 27, 2025, if you’re keeping score): The Supreme Court just threw a wrench into the whole Bhushan Power and Steel drama. Remember how JSW Steel thought it snagged BPSL for a cool $2.3 billion years ago? Well, earlier this month, the Court basically said, “Nope, deal’s off, let’s liquidate the whole thing.” Yeah, the corporate world freaked out—nobody likes their billion-dollar deals yanked out from under them, and honestly, it made the whole insolvency process in India look shaky.

But now, plot twist! The top court hit pause on the liquidation. They’re saying, “Alright, let’s not rush. If you folks (read: JSW Steel and all those creditors) want to challenge our earlier decision, go ahead and file a review petition.” No liquidation for now—at least not until they look at whatever arguments come in.

This whole JSW-BPSL saga was supposed to be a poster child for the Insolvency and Bankruptcy Code—like, “Look how smoothly we can save busted companies!” Instead, it’s become a bit of a mess, and the Court seems to get that. They’re basically admitting, “Yeah, this is complicated, and the fallout could be huge.”

Investors? Well, they got a little giddy—JSW Steel’s shares jumped 2.2% after the news. Maybe they’re hoping the deal gets another shot. Legal folks are already buzzing that whatever the Court decides next could totally change how future insolvency cases go down in India.

Bottom line: everyone in the corporate and legal world is glued to this, because it’s not just about one steel company. It’s about how India deals with big, messy financial problems—and whether anyone’s going to feel safe putting their money here in the future. Stay tuned, because this soap opera is far from over.