JSW Steel has issued a robust defence of the process through which it acquired the debt-laden Bhushan Power & Steel Ltd (BPSL), following a recent Supreme Court ruling that rejected its resolution plan for the company.

The statement comes three weeks after India’s apex court delivered a verdict against the ₹19,700-crore resolution plan JSW Steel had submitted under the Insolvency and Bankruptcy Code. Despite the legal setback, the company maintained that its acquisition of BPSL adhered to all regulatory and procedural requirements.

“We have implemented the resolution plan for BPSL in compliance with the law and taken all steps to successfully revive the company to its present status today,” the company said on Friday.

JSW informed that it has assessed the matter along with its legal advisers and “believe that we have strong grounds for availing all available legal remedies”. JSW has four weeks to file a review petition before the Supreme Court.

A bench comprising Justice Bela M. Trivedi and Justice Satish Chandra Sharma came down heavily on the conduct of all key stakeholders in the resolution process — the resolution professional, the committee of creditors (CoC) and the National Company Law Tribunal (NCLT) — for enabling what it described a “flagrant violation” of the IBC, and ordered the liquidation of BPSL under the IBC.

The company said it does not require to make any provision for the asset as it is in control of the asset. Moreover, the management carried out a recoverability assessment and it is of the opinion that the recoverable amount is sufficient enough to cover the carrying value of the net assets of BPSL, which stood at ₹14,901 crore in the consolidated balance sheet.

During an analyst call, JSW Steel joint managing director and CEO Jayant Acharya said, “We implemented the resolution plan in full compliance. The production and sales continue from BPSL as on date.”

BPSL posted ₹260 crore profit after tax on a revenue of ₹21,440 crore in FY25. JSW holds an 83.28 per cent stake in BPSL.