JSW Steel's Bhushan Power resolution plan rejected by Supreme Court

JSW Steel (BSE: JSWSTEEL) faces a setback as the Supreme Court rejected its resolution plan for Bhushan Power and Steel on May 2, 2025. The company is awaiting the formal order to understand the detailed grounds for rejection and determine its next course of action, and will keep the exchanges informed as required by regulations. At the same time, JSW Steel received a favorable ruling on a separate matter. The Revisionary Authority has set aside Demand Notices related to an earlier claim aggregating to INR702 crores concerning alleged mining irregularities. The matter has been remanded back to the State Government of Odisha for reconsideration after providing JSW Steel an opportunity for a hearing. This pertains to iron ore mining at Narayanposhi, Jajang, Nuagaon, and Gonua mines.