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Bond Market News
JSW’s Takeover of Bhushan Steel Cleared by Supreme Court
September 29, 2025
JSW Steel’s acquisition of Bhushan Power and Steel Ltd (BPSL) for INR 190bn ($2.14bn) in 2021 was upheld by the Supreme Court on Friday, overturning its May 2025 verdict that had directed liquidation. The bench restored the February 2020 NCLAT approval of JSW’s resolution plan, noting that JSW had revived BPSL from a loss-making entity into a profitable one while safeguarding thousands of jobs. The court stressed that allowing challenges to an approved resolution plan at a late stage would undermine the Insolvency and Bankruptcy Code’s objective of ensuring debt-ridden companies continue as going concerns. It dismissed objections from BPSL’s former promoters and creditors, affirming that the sanctity and finality of approved resolution plans must be preserved.
JSW Steel’s dollar bonds traded stable with its 5.05% 2032s at 97.6, yielding 5.5%
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