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JSW Steel on Friday said implementation of the resolution plan for Bhushan Power & Steel (BPSL) was in compliance with the law and that it was exploring all available legal remedies, suggesting that it may file a review of the Supreme Court verdict -- rejecting its 2021 acquisition of BPSL.
The firm said that it had taken all steps to successfully revive the company to its present status.
“We along with legal advisors have assessed the matter and believe that we have strong grounds for availing all available legal remedies,” JSW said in a statement on Friday.
On May 2, the company suffered a major setback when the apex court rejected its resolution plan for BPSL and ordered liquidation, about four years after acquisition under the Insolvency and Bankruptcy Code (IBC).
The apex court directed creditors of BPSL to refund the money and equity contribution made in the debt-laden company. This was in line with a Supreme Court order dated March 6, 2020.
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In its results disclosure, JSW said that it had not made any provision in its consolidated results.
The company carried out a recoverability assessment considering the Supreme Court order dated March 6, 2020 and May 2, 2025, ESCROW agreement with erstwhile lenders of the Committee of Creditors and legal opinion and concluded that the recoverable amount is sufficient enough to cover the carrying value of net assets of BPSL.
Hence, no provision is required to be made for the net assets included in the consolidated financial results of the company as on March 31, 2025.
The carrying amount of the net assets relating to BPSL included in the consolidated financial results as at March 31, 2025 is Rs 14,091 crore.
In FY25, BPSL’s revenue from operations stood at ₹21,440 crore and profit after tax (PAT) was at ₹260 crore. In FY24, revenue was at ₹21,893 crore and PAT at ₹674 crore.
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