- On 07.08.2025, the Hon’ble Supreme Court's Bench comprising the Hon’ble Chief Justice, Hon’ble Mr. Justice Satish Chandra Sharma, and Hon’ble Mr. Justice K. Vinod Chandran heard the matter concerning the resolution plan of Bhushan Power and Steel Limited (“BPSL”) submitted by JSW Steel.   The present hearing is held pursuant to the Supreme Court’s Order dated 31.07.2025, whereby the review petitions filed by JSW and Committee of Creditors and others was allowed.   The batch of civil appeals arises from the approval of JSW Steel’s resolution plan, which was cleared by the CoC during the Corporate Insolvency Resolution Process (CIRP) of BPSL and subsequently upheld by the NCLT and NCLAT with certain modifications. These appeals were filed by multiple stakeholders, including the CoC, the Directorate of Enforcement (ED), operational creditors (such as Kalyani Transco, Jaldhi Overseas, Medi Carrier, and CJ Darcl Logistics), the State of Odisha, and former promoters including Mr. Sanjay Singal.   Mr. Dhruv Mehta, Ld. Senior Advocate, appearing for ex-promoter Mr. Sanjay Singal, argued that JSW Steel failed to implement the approved Resolution Plan for Bhushan Power and Steel Ltd within the time limit stipulated under IBC. He submitted that JSW while submitting its resolution plan had failed to bring in equity infusion which had been committed under the plan. He further stated that the plan required equity infusion, which was not to be substituted withcompulsory convertible debentures and JSW’s failure to bring in the said amount as claimed in the resolution plan, frustrated the plan’s objectives. Mr. Mehta also contended that post-approval, the CoC had no authority to permit modifications, as there is no express provision for the same under the IBC. On the issue of EBIDTA, he relied on the NCLT’s order directing that EBIDTA generated during CIRP should flow to creditors, stating that in the ESAAR judgment, the Supreme Court had permitted the same, in view of the provision in their Request for Proposal of Resolution Plan. Lastly, Mr. Mehta argued that in the alternative, the resolution plan of JSW should be set-aside and fresh applications can be invited again.     Subsequently, Operational creditors addressed the Hon’ble Bench. Notably, the claim of the State of Odisha qua the issue of entry tax was dismissed on the ground that no claim had been filed before the Resolution Professional within time limit, and hence, no relief could be sought at a later stage. As far as the claim of Electricity dues is concerned the same was filed in time, but the reduction of their claim was not challenged by them. The Hon’ble Bench dismissed both the petitions of the State of Odisha.   Thereafter, Learned Solicitor General Mr. Tushar Mehta, appearing on behalf of the Committee of Creditors (CoC), commenced submissions supporting the concurrent findings of NCLT and NCLAT’s order. He framed three core issues: (i) the maintainability of the present appeal at the instance of ex-promoters; (ii) the treatment of EBIDTA generated during CIRP, which he submitted must flow to the creditors; and (iii) the impermissible interference with the CoC’s commercial wisdom, especially given the conduct of the ex-promoters. He further contended that several arguments now raised by the ex-promoters were not advanced before the NCLT or NCLAT. The COC also, in an admitted departure from its earlier stand, stated that it ought to be paid interest for the period of delay in implementation of the plan.   Mr. Mehta will resume his submissions tomorrow at 2 PM to be followed by Mr. Neeraj Kishan Kaul, Learned Senior Counsel appearing for JSW Steel.   JSW Steel Ltd. was represented before the Hon'ble Supreme Court by Senior Advocates Mr. Neeraj Kishan Kaul and Mr. Gopal Jain, along with a legal team from *Karanjawala & Co.*, including Ms. Nandini Gore (Senior Partner), Ms. Tahira Karanjawala (Partner), Ms. Swati Bhardwaj, Mr. Akarsh Sharma, Ms. Manvi Rastogi, Ms. Sharanya Ghosh, and Mr. Pranav Garg, and a team of AZB & Partners led by Mr. Rajendra Barot, Senior Partner along with Mr. Vivek Shetty, Mr. Suharsh Sinha, and Mr. Akhilesh Menezes.   Committee of Creditors was represented by Mr. Tushar Mehta, Ld. Solicitor General of India (“Ld. SG”) along with Mr. Raunak Dhillon and the Resolution Professional is represented by Mr. Shyam Divan, Ld. Senior Counsel along with Mr. Shardul S. Shroff.