The Supreme Court has agreed to an open court hearing of the review petitions by JSW Steel and committee of creditors against the apex court’s judgment to send Bhushan Power & Steel Ltd to liquidation by setting aside the resolution plan on July 31.

The petitions were listed in chamber before a bench comprising of Chief Justice of India B.R. Gavai and Justice Satish Chandra Sharma, who allowed the open court and oral hearing on Thursday.

On May 3, a bench comprising Justice Bela M. Trivedi, who has retired since and Justice Satish Chandra Sharma had set aside the ₹19,530 crore resolution plan of BPSL, five years after JSW Steel took control of the financially sick steel maker and turned it around, stunning corporate India.

The bench had then criticised the conduct of all key stakeholders in the resolution process — the resolution professional, the committee of creditors (CoC) or the financial lenders, and the National Company Law Tribunal — for enabling what it termed a “flagrant violation” of the IBC.

On May 26, a bench comprising Justice B.V. Nagarathna and Justice Sharma, passed an order directing status quo in the liquidation proceedings after JSW counsel argued that liquidation proceedings would cause “serious prejudice” to his client, unless halted.

On Tuesday, JSW was represented by senior advocates Neeraj Kishan Kaul and Gopal Jain, along with a legal team from Karanjawala & Co, while the CoC was represented by Tushar Mehta, Solicitor-General of India, along with Raunak Dhillon, and the RP was represented by Shardul S. Shroff.

BPSL’s integrated steel operation is located at Jharsuguda in Odisha and one of the company’s downstream units is located near Dankuni in Bengal.