Overview

• JSW Steel filed its review petition on June 25 to challenge the May 2 judgment that nullified its resolution plan and ordered Bhushan Power’s liquidation
• The Supreme Court found that JSW’s 2019 acquisition breached insolvency rules by delaying plan implementation and ordered the company to be wound up
• The court has issued a status quo order halting any liquidation proceedings until it decides on the review petitions
• Under the 2019 resolution plan, JSW committed Rs 19,700 crore, allocating Rs 19,350 crore to financial creditors and Rs 350 crore to operational creditors
• Several lenders, including the committee of creditors led by State Bank of India and Punjab National Bank, have also filed review petitions against the liquidation order