India’s Supreme Court will reconsider its earlier order that had quashed JSW Steel Limited’s $2.3 billion takeover of Bhushan Power and Steel Limited (BPSL), the apex court observed in course of a hearing in the matter on Friday, August 1.
In May 2025, the Supreme Court had rejected JSW Steel Limited’s deal in acquiring BPSL through the bankruptcy resolution process.
JSW Steel subsequently asked the top court to review its ruling.
The court while hearing the review plea said that the verdict quashing the deal did not correctly consider the legal position established by past precedents.
"We therefore find this a fit case wherein the judgment under review needs to be recalled and the matter needs to be considered afresh," the apex court said.
In May, while quashing the deal, the Supreme Court had said there was an "entire spectrum of lacunas and flaws" in the takeover process and decided to scrap one of the most successful insolvency deals in India's history.
The top court ordered the liquidation of BPSL and asked banks to return funds which they had recovered during JSW's takeover.
However, weeks later it paused the liquidation proceedings, allowing time for JSW Steel to seek a review of the verdict.
The Supreme Court will hear the case on August 7.
Following the acquisition, BPSL which operates a 4.5 million mt per year steel mill in Odisha became a subsidiary of JSW Steel Limited.