Supreme Court Allows Open Court Hearing Of Review Petitions Against Rejection Of JSW's Resolution Plan For Bhushan Power & Steel
The Supreme Court accepted the request for an open court hearing of the review petition filed against the May 2 judgment which had rejected JSW's resolution plan for Bhushan Power and Steel (BPSL).A Bench of Chief Justice of India BR Gavai and Justice Satish Chandra Sharma issued notice to the parties on the review petition and posted the matter for hearing on July 31 at 3 PM."Application(s)...
The Supreme Court accepted the request for an open court hearing of the review petition filed against the May 2 judgment which had rejected JSW's resolution plan for Bhushan Power and Steel (BPSL).
A Bench of Chief Justice of India BR Gavai and Justice Satish Chandra Sharma issued notice to the parties on the review petition and posted the matter for hearing on July 31 at 3 PM.
"Application(s) for listing review petition(s) in open court and application for oral hearing are allowed. Issue notice," the Court said. The review petitions have been filed by the Punjab National Bank, JSW and certain other creditors.
On May 2, a bench comprising Justice Bela M Trivedi (since retired) and Justice Satish Chandra Sharma had rejected JSW's resolution plan to the tune of ₹19,700 crore citing violations of the procedure under the Insolvency and Bankruptcy Code. The Court also directed the liquidation of BPSL.
In May, a vacation bench of the Supreme Court ordered status quo on the liquidation proceedings of BPSL to enable JSW to file a review petition.
Case : Punjab National Bank & Anr v Kalyani Transco & Ors | R.P.(C) No. 1432/2025 in C.A. No. 1808/2020 and connected cases