JSW Steel has urged the Supreme Court to reconsider its May 2 verdict that nullified its ₹19,300–19,700 crore resolution plan for Bhushan Power & Steel (BPSL) and ordered liquidation, emphasizing that since taking over in March 2021, it has revived BPSL into a “viable, going concern.” The company, along with BPSL’s lenders, argued that immediate liquidation would severely disrupt stakeholders—including creditors, employees, and operations—and risk erasing the ₹14,000 crore in net assets and substantial EBITDA generated post-acquisition. JSW has filed a review petition and demanded an open hearing, stating the insolvency resolution was lawfully implemented and contending the Court’s procedural concerns can be addressed, maintaining that liquidation would reverse significant gains and destabilize the distressed-asset market .

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