Mon May 26 08:56:51 UTC 2025: Okay, here’s a summary and a news article based on the provided text:
**Summary:**
The Supreme Court of India has ordered a “status quo” on the liquidation proceedings against Bhushan Steel and Power Limited (BPSL) that were pending before the National Company Law Tribunal (NCLT). This decision aims to protect a potential review petition by JSW Steel Limited, whose previous resolution plan for BSPL was deemed illegal by the Supreme Court earlier this month. The order was issued by a Bench of Justices B.V. Nagarathna and Satish Chandra Sharma.
**News Article:**
**Supreme Court Halts Liquidation of Bhushan Steel Amid JSW Steel Dispute**
**New Delhi, May 26, 2025** – The Supreme Court of India has intervened in the ongoing saga surrounding Bhushan Steel and Power Limited (BPSL), ordering a status quo on liquidation proceedings against the company before the National Company Law Tribunal (NCLT). The order, issued today by a Bench comprising Justices B.V. Nagarathna and Satish Chandra Sharma, aims to safeguard a potential review petition by JSW Steel Limited.
The decision comes after the Supreme Court, on May 2nd, overturned a previous resolution plan submitted by JSW Steel for BSPL, deeming it illegal and in violation of the Insolvency and Bankruptcy Code (IBC). The court stated that allowing the liquidation to proceed at this stage could “jeopardise” JSW Steel’s ability to seek a review of the earlier ruling.
“Without expressing any opinion at this stage, we are of the view that it would be in the interest of justice if status quo is maintained on the proceedings pending in NCLT,” the Bench noted.
The order provides a temporary reprieve for BSPL and adds another layer of complexity to the already protracted insolvency proceedings. Further details on the status of JSW Steel’s review petition are awaited.
First Piper 